Five years is sweet spot as senior tenors lengthen, but investors show signs of fatigue
Senior unsecured investors were spoilt for choice in the five year part of the curve this week as three banks issued deals in that maturity, following on from a five year benchmark from BNP Paribas at the end of last week.
Danske Bank and Société Générale launched five year deals on Tuesday after Intesa Sanpaolo caught the wave on Monday with a 1bn trade. BNP Paribas tapped the same maturity on February 17, also printing 1bn.
Bankers said Intesas deal, which was priced at the tight end of guidance at
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