Borrowing costs for European companies have fallen to a two-year low against benchmark bonds, as shifting expectations on interest rates narrows the gap with their US counterparts
The average European investment-grade spread — the premium paid by companies to borrow over equivalent German government bond yields — has dropped from 1.36 percentage points to 1.15 percentage points this year, according to Ice BofA data.
By contrast the premium paid by American borrowers to issue new debt over the equivalent Treasury yield is also hovering around a two-year low — but its decline has been steadier, down just 0.07 percentage points this year.
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