Capital rush as banks pile into monster Thursday after TLTRO

By Tyler Davies
30 Mar 2017

The pressure is off FIG issuers to refinance old funding deals in 2017, after an unexpectedly heavy take-up in the fourth and final round of the European Central Bank’s targeted longer-term refinancing operations (TLTRO II). The focus has instead shifted to regulatory debt, and that’s all about picking the right spots and issuing strategically. Tyler Davies reports.

Having avoided issuing entirely for the first three days of the week, as many as five European financial institutions piled into the market on Thursday for new subordinated deals.

The flurry was a sign of the times for FIG issuance in 2017 — firms are focused on ...

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