Bank pair taps 'rollercoaster' euro market

By Frank Jackman
21 Oct 2020

A pair of banks made opportunistic moves into a euro market buoyed by positive headlines around a potential US stimulus bill on Wednesday. France’s Crédit Mutuel Arkéa and Japan’s Sumitomo Mitsui Financial Group each tapped for senior paper, raising €500m a piece.

“The market is like a rollercoaster,” said one banker away from the day’s deals. “Borrowers want to print but issuance is heavily dependent on headlines, which are dominated by Brexit, Covid, and the US election.”

“But when there is one good headline, like Tuesday night’s movement in negotiations ...

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