FIG primary hit as long-end US yields rise again

By Frank Jackman
18 Mar 2021

Vienna Insurance Group was unable to build momentum in its 15 year bond syndication on Thursday as long dated US treasury yields climbed higher. The insurer was joined in the primary market by Santander, which paid a premium to launch its first callable non-preferred issue.

“The long end is on the back foot, just look at the terrible spikes in 10 year US Treasuries,” said one banker away from the day’s deals.

On Thursday morning, the yield on the 10 year US treasury was at 1.749%, up almost 10bp compared to where it ...

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