Second LTRO buoys FIG as €313bn new cash floods in

FIG markets rode the crest of the LTRO wave on Wednesday after a large take-up of the ECB's second tranche of three-year funding. Indices rallied further and market participants said the €313bn of new cash that was being injected into the system was helping to create a constructive tone. SSA bankers expect sovereign auctions to benefit too, while the positive buzz also confirmed the upward direction in corporate credit.