Senior sidelined in favour of covered bonds as sovereign volatility and blackouts bite
The senior unsecured market was an irrelevance for most FIG borrowers this week, with results season hitting full swing and those few issuers that were in the market preferring to focus on covered bonds.
BPCE provided some activity with a 250m tap of its 2017s, but other issuers sidestepped the market as daily volatility in credit indices threatened to seep through into cash spreads.
"There have been some exaggerated moves in CDS indices, mostly led by the street," a FIG syndicator told EuroWeek
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