Tier 1 mélêe as four deals clash in risk-averse market
European financial institutions sold four large tier one capital issues this week — a baffling crush of issuance in what was one of the most awkward and volatile weeks for the European bond market this year.
The issuers got their money, but some had to widen pricing, leaving investors and bankers wondering through what bad luck or bad management the deals had all been brought to market at this moment.
The simplest answer seemed to be the looming half year financial reporting deadline, by which
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