Chalk and cheese: tiering bites in senior bank debt
The sharp tiering in financial institutions senior debt was highly evident this week. UniCredit, which has split double-A/single-A ratings, priced a Eu2.5bn five year bond at 15bp over its credit default swaps. But high single-A rated Merrill Lynch, which has been beset by damaging headlines, had to pay a 45bp premium over CDS on its Eu500m five year. EuroWeek this week will take the temperature of demand for the different strata of financial institutions credit.
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