Primary issuance slumps, borrowers crave stability
Financial institution borrowers are still waiting for a period of credit stability before braving the primary market but there are increasing fears that the quiet summer season has arrived early this year. However, Caja Granada yesterday issued Eu150m of two year fixed rate notes at 140bp over mid-swaps through ACF and Calyon. Today, Caja Sol is expected to price another two year fixed deal via ACF, BBVA, LBBW and Natixis, with guidance of mid-swaps plus 140bp area. To find out how these deals perform and how the market is faring, read EuroWeek this Friday.
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