Bumper start for FIG as periphery proves its popularity
Credits from Europe’s periphery are raking in orders in the FIG funding markets, but investors are also going starry-eyed at the sight of high-yielding subordinated debt from core jurisdictions. On Tuesday there was just under €11bn equivalent in supply across senior, covered bonds and sub debt in euros and sterling, with Italian credits dominating senior, while sub and covered let core European names get in on the action.
A positive reaction to the start of QE tapering at the end of 2013 kept markets bullish over the winter break and a lack of inventory among dealers has herded investors towards the primary market, helping order books reach dizzying heights even on quite modest new issue premiums.
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