FIG market sees no appetite for risk

By David Freitas
23 May 2019

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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