Three is the magic number as banks play it safe

05 Jul 2012

Banks were keen to dive into a sudden pool of liquidity this week, but many chose to wear armbands in case of problems, choosing the defensive three year tenor to ensure safety in execution.

Although some market participants were stunned to see Intesa Sanpaolo in the market at all, none were surprised that it opted for a safe maturity when doing so, given that the last Italian bank to come to market, Monte Dei Paschi, did so back in February. Neither were ...

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