Volatility leads to split in FIG: some take the leap, others hold back
Intraday volatility is complicating access to the FIG funding and capital markets, even as spreads begin to tighten again following last week’s sell-off and widening in benchmark rates. The confusing picture has stymied supply in senior unsecured, but covered bonds have been busy as issuers rush to issue deals in case the market widens again.
Scottish Widows pulled out of its planned euro subordinated deal, which it spent last week roadshowing. The issuers parent, Lloyds Banking Group, said it was reviewing the benefits of externalising the transaction, following an increase in the groups capital base as a result of recent asset sales.
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