Bankers pray senior stability will last
An optimistic rally lifted the senior FIG market on Thursday as bankers crossed their fingers that discussions around bank recapitalisations would result in concrete measures. As the Bank of England announced a £75bn increase in its quantitative easing programme, the market waited for a similar message from the European Central Bank regarding its refinancing operations.
People need to come out with a substantial plan, because weve had far too many moments like this that have ended in disappointment, said a syndicate banker. But it does feel like were finally moving in the right direction.
The iTraxx senior financials index was 15.5bp tighter at 253bp,
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