Canadian corporate bonds battered amid market carnage [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Canadian corporate bonds battered amid market carnage The mad scramble for cash amid the coronavirus panic is putting enormous strain on the Canadian corporate bond market, which the country’s largest companies rely on for a steady source of financing. While high-quality credit typically serves as a safe haven in the midst of an economic shock, corporate bonds have plummeted alongside stocks over the past few bewildering weeks. The iShares Canadian Corporate Bond Index ETF (XCB) – the largest of its kind – fell by a staggering 23 per cent in just 11 trading days, before a market-wide bounce on Tuesday clawed back a portion of the fund’s losses. With many investors liquidating all they can, there are few buyers for even the safest Canadian corporate debt, while the market is virtually inaccessible to new issuers. A CIBC report estimated Canadian bond market liquidity at just 10 per cent of its normal levels. This liquidity squeeze risks spiralling into an outright credit crisis. “There
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