Financial institutions flocked to the euro market this week to take advantage of extremely favourable issuance conditions in the run-up to earnings season. As many as 13 borrowers raised close to €9bn of senior funding in the space of four days.
The outburst of supply had some market participants wondering whether issuers were assuming financing conditions could not get any better.
“I don’t think that’s it,” said one FIG syndicate banker on Wednesday.
“Everybody has been saying how good the market is, but I think we’ve all been