Volatility returns to sink senior FIG into gloom
Hopes for a renaissance in senior FIG were dashed this week as Europe rode a rollercoaster of volatility, driven by demands for more detail on last week’s rescue package and the announcement — and then withdrawal — of plans for a Greek referendum on eurozone membership.
While BBVA managed to sneak in an 18 month fixed rate note on October 28, the deal underperformed in the secondary market as CDS and secondary cash spreads widened on the volatility.
Meanwhile, bankers raised concerns about primary market activity in senior unsecured.
Analysts at Société Générale predicted that
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