Alex Hayes-Griffin

Investors needed to see some performance in the reverse Yankee paper this week before they start buying again, but unlike late last year where the US paper underperformed on softer conditions, investors are now more open-minded about reverse Yankee issuance as it's a chance to pick up yield in a market where spreads on European companies are being heavily compressed.

Alex Hayes-Griffin

I don't expect the ECB's CSPP to have a big direct impact on most US issuers. Many don't have the infrastructure in place to create eligible European SPVs, at this stage with no concrete criteria known around eligibility it's not worth the time and investment to create something that might not qualify. I expect there to be only a handful of US names that can be bought by the ECB when all is said and done.

Alex Hayes-Griffin