Europe’s banks out to prove market access as LTRO 2.0 looms

Europe’s banks are striving to demonstrate their access to wholesale markets and to longer tenors this week, as the European Central Bank’s second longer term refinancing operation looms. Spain’s Bankia is aiming to show it can tap institutional accounts with a two year covered bond, while BNP Paribas, Danske Bank, Société Générale and Intesa Sanpaolo all demonstrated their access to term funding with five year trades.