CS, Macquarie press ahead on capital as LTRO gloss wears off

Just a week after the European Central Bank’s second long term refinancing operation handed €530bn to 800 banks, the shine is already wearing off the market. Although Macquarie Bank and Credit Suisse are eyeing up forward looking tier one and tier two capital trades in dollars and Swiss francs, market participants say most borrowers will wait to see how the Greek debt swap pans out before tapping euros.