Secured funding swept up in LTRO frenzy
In a flurry of activity that offered another glimpse of the spare cash washing around the European banking sector after the ECB’s first Long Term Refinancing Operation (LTRO) in December, Spain’s CatalunyaCaixa and Banco Popular Español launched tender offers this week, buying back ABS, covered bonds and hybrids.
Capital-hungry banks have been keen to use LTRO money for discounted buybacks. But even well capitalised banks have tweaked their liquidity strategy to take best advantage of the operation, with an ABS buyback from Lloyds Banking Group, and big retained issues from Barclays, SNS Bank, and UniCredit
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