Vicenza on its own with market on standby
The financial institutions market has ground to a halt this week as market participants assess the impact of the Japanese crisis. Volatility has led issuers to put business on hold when possible. However, there is one live senior trade in the euro market: Banca Popolare di Vicenza’s new 2-1/2 year issue. Banca IMI, Mediobanca, Royal Bank of Scotland and UBS are finding interest, with guidance at 260bp-265bp over mid-swaps. On Monday, Bank of America and Royal Bank of Scotland found appetite for new dollar trades but the market has since shut down.
Meanwhile, Commerzbank had to set the coupon on its lower tier two liability management deal higher than the minimum to reflect wider spreads, while a potential new tier two deal for Munich Re is hanging in the balance.
But volatility is not the only factor to hit the
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