FIG market sees no appetite for risk
Bank capital deals were firmly off the agenda this week as the FIG bond market followed equities into risk-off mode. Auto financing firm LeasePlan did find demand for an additional tier one deal and Credit Agricole printed an Australian dollar tier two, but otherwise a tense macro backdrop led issuers to stick to senior debt.
“These two weeks have been the worst in this quarter,” said a FIG syndicate banker. “AT1 and tier two are correlated to equities and to risk in general. We’ve seen that take a turn for the worse for the US, Asian and European markets.”Market sentiment is fragile ...
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