Capital and covered steal limelight
Subordinated debt issuance this week hit its highest year to date volume since 2007, and for the first time this year it actually felt like it, with two tier two deals hitting the market and breaking the dominance of senior unsecured. Covered bonds were also busy, with five deals, and while senior was quieter, it was still active, with Banco Comercial Português returning to the market on Wednesday.
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