Yield hunters lick lips as European sub debt issuance hits post-crisis high
Issuance of European subordinated FIG debt hit its highest year-to-date level since 2007 this week, as tier two debt wrested the limelight back from senior unsecured with a small but solid deal from Swedbank and a €5bn book for ING.
The success of the deals highlights what has become the dominant trend of the FIG market so far this year — yield hungry investors filling up by either buying senior unsecured debt from higher yielding peripheral European issuers, or by buying subordinated debt from core European credits.
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