Short buyers head back to periphery senior
Periphery banks were seeing the best of the positive mood in senior unsecured on Wednesday, with Italian and Spanish names outperforming core Europe as buyers looked to unwind short positions in the wake of the Cypriot bank bail-out.
Italian banks senior bonds were around 10bp tighter on Wednesday morning, FIG bankers told EuroWeek Bank Finance, while Spanish paper squeezed tighter by around 5bp.
The Italian buying was supported by UniCredits launch of a tender offer
for some 3.5bn of senior unsecured paper across 15 bonds
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