Societe Generale says the corporate bond market is polarizing like the government bond market. There is "some severe weakness now in all Spanish and Italian bonds which has accelerated in the last few sessions," says SocGen analyst Suki Mann. He says Spanish credits are much wider since the start of the year and Italian credits are still in the money. "It can, likely will, get worse as the contagion wreaks havoc across the periphery for starters," says Mann, adding that the Greek ructions give a taste of things to come.
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