Draghi disappoints but NAB shows senior is open

03 Aug 2012

Hopes that immediate action in the bond market from the ECB could reopen the senior market for some periphery credits were extinguished on Thursday, as markets reacted with disappointment to comments from ECB president Mario Draghi.

But the outlook remains positive for core credits, with a smart €1bn National Australia Bank transaction proving the market is wide open for the right names.

Bankers expected senior issuance to remain scant despite a National Australia Bank transaction on Tuesday that was more than twice oversubscribed, showing that ...

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