Deal flurry shows rewards await the quick and the brave in FIG

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By Bill Thornhill, Frank Jackman
15 Oct 2020

FIG borrowers may be well funded, but rates are low and market conditions are good enough to support opportunistic issuance — as was shown this week by a slate of deals across the capital structure. Given a volatile end to 2020 is likely, issuers will need to stay alert and take advantage of funding windows as they arise, write Frank Jackman and Bill Thornhill.

As unsecured bond spreads widened in the tail-end of this week, Santander Spain pressed ahead with a sizeable tier two deal, pricing it at the wide end of guidance as orders dropped from the book.

The Pension Insurance Corp also sold a tier two, seemingly just because terms ...

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