In the first week of March 2020, the Covid-19 news was already hammering the markets and volatility, as measured by VIX, was almost at levels not seen since 2008. Although the VIX reached 28.57 last week, that figure was only around half the value it was this time last year. With the pandemic still going on Primary Market Monitor takes a look at what has changed in bond execution dynamics since then.
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◆ €750m deal is Dutch bank's first in euros since 2020 ◆ Issuer could wait out raising capital and yields to stabilise after Credit Suisse's demise last year ◆ ABN raised a little more capital than its shortfall of around €600m