Tentative optimism after encouraging cash activity
There is continued demand for senior FIG paper, secondary traders reported on Wednesday morning, with real money accounts joining the street in picking up bank debt. Bankers said cash spreads were outperforming CDS, although volumes were still low.
Traders are seeing some activity in cash, mostly bottom fishing, said one syndicate banker. Its mostly from other trading houses, rather than from our clients the street is better bid today. But we are seeing some activity from clients looking for buying opportunities.
The iTraxx senior financials index
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