FIG cools off as blackouts and volatility bite
BPCE, Goldman Sachs and JP Morgan took advantage of borrower-friendly market conditions last Friday (January 25) and on Monday to print benchmark transactions. But from Tuesday a combination of closed periods and secondary volatility conspired to squash further issuance.
Sparebank 1 SMN was the only borrower in the pipeline on Thursday, as senior unsecured FIG issuance dried up sharply in the last week of January.
"Its been a frustrating week," said one FIG syndicate banker who listed a host of potential reasons for the lack of supply.
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