Spanish banks down but not out in ECP market but Portuguese names KO’d
Flows of Spanish bank paper in the European commercial paper market have yet to recover despite actions by authorities to stem market panic, and Portuguese banks will likely be forced to find new investors and may have to cut their CP funding.
Spanish bank issuance remains light, and bankers believe that investors are likely to wait at least another week before dipping their toes back in.
Were not seeing much flow from the Spanish banking sector, though there are bits and pieces, said one CP dealer in London. What the authorities
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