Top tier issues senior as LTRO spurs banks
Bank investors hoovered up short end paper in this week’s senior unsecured offerings as they sought to recycle three year money from the European Central Bank, while issuers also attracted real money buyers at the longer end of the curve. But despite the positive tone, bankers said it would not be long before the market ran out of high quality issuers.
Total euro-denominated supply stood at just under 10bn, almost twice the amount of issuance as in the first week of last year.
With ABN Amro and Nordea offering dual tranche two and seven year deals and Rabobank a standalone transaction in the same maturity, bank treasurers flush with
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