The European primary market remains practically at a halt, with limited deal flow seen since the market reopened after the August break. It is unclear if issuers will brave the market in October, but some market players are hoping that the encouraging signs of life via secondary flow could bring in a wave of new deals.

I'm officially bearish, said one secondary market trader at a large investment bank. "But I'm one of the few. In the secondary market, we've seen a tightening of basis points, up to 20 basis points, and there are still those looking to buy now.

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