Senior borrowers coasting as issuance down €10bn on 2012
Bank deleveraging has suppressed senior unsecured supply year-to-date to €10bn below last year’s figure, and FIG bankers fear that gap may only get wider as potential headline risk gives issuers another excuse to keep their primary market activity to a minimum into the end of the first quarter.
The senior unsecured market in euros has seen 40.55bn of fresh supply in 2013, compared to 50.15bn by this time last year, according to EuroWeek Bank Finance data.
Just under 56bn of new euro-denominated supply hit the market in euros in the first quarter of 2012, and bankers
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