Senior under strain

While bank treasurers are anxiously front loading senior unsecured funding for the year, investors are concerned about the longer term future of the senior debt market and are meeting the supply with an unusually icy reception, pushing pricing to the wider end of guidance. Several borrowers have announced defensive, short-dated deals, with ING the only issuer willing to brave the long end this week. EuroWeek on Friday surveys the deals and asks what is ahead for senior unsecured issuance.