Three little PIIGS banks face tougher path to the funding trough

With investors taking fright at Italian politics and volatility returning to the FIG market, finding an opportunity to press on with funding and bank capital raising plans will now be harder for less frequent, smaller issuers in Europe’s periphery countries. Three problem banks of recent times have each indicated plans to raise subordinated debt: Monte dei Paschi di Siena, Carige and Caixa Geral de Depósitos, and market participants will be keen to see what they do next, writes Jasper Cox.