Senior FIG supply excites despite exclusivity worries
The FIG market was on Monday morning torn over how to interpret a slew of senior deals. While some believed the market was beginning to move down the credit spectrum, others remained convinced that issuance would not move past the club of top tier borrowers that has dominated the year so far.
On Monday ING and Crédit Mutuel Arkea hit the market with five year deals as Swedens SBAB launched a two year floater and Dutch financials Leaseplan a three year fixed.
Last weeks deals were all tighter in the secondary market and were trading well, despite widening CDS spreads
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