Senior, covered bonds wake from fever but bankers fear relapse
Banks went on a binge of bond funding as the covered bond and senior debt markets reopened after long gaps. Investors devoured €15bn of covered paper and €10bn of senior.
But bankers feared indigestion among funds and asked what would happen when the "January effect" faded. Covered bond issuance, after all, was dominated by frequent issuers, while senior supply was limited to a Dutch and Swedish elite.Top tier issues senior as LTRO spurs banks
Covered bonds off
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