Euro market to reopen on shaky ground in FIG

By Bill Thornhill, Tyler Davies
20 Aug 2020

Bank finance arrangers will err on the side of caution when the euro market reopens next week, with many bankers wondering whether they can rely on squeezed secondary levels as a guide for new issue pricing.

Bank bond spreads have spent most of the summer lurching tighter in the euro market.  

The iTraxx Europe Senior Financials index has moved in by nearly 10bp in August alone, while the subordinated index has come in about 20bp. 

But DCM officials doubt whether developments in secondary markets ...

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