Scant comfort for FIG market from ECB virus response
The European Central Bank failed to cheer bank debt investors with a stimulus package at the end of a difficult week that saw credit spreads soar. However, some analysts think that the ECB offered more than was immediately apparent, with its moves amounting to €800bn of capital relief.
The iTraxx European senior and subordinated financials indices rose to 152bp and 319bp respectively from the already high levels of 121bp and 249bp on Monday.Market participants had been hoping that the ECB’s policy meeting would deliver relief after a week in which the coronavirus spread widely across ...
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