Delayed rally sparks FIG flurry

19 Jun 2012

FIG issuers wasted no time getting deals on screen after Tuesday’s rally, with BNP Paribas and Zurich Insurance finding enthusiastic demand for senior unsecured deals. While the causes of Tuesday’s rally perplexed syndicators — they attributed it to a delayed reaction to Greek elections, combined with an increased expectation of policy action — there was no doubting the strength of demand for FIG paper.

BNP Paribas’ five year senior unsecured deal was expected to go well, with one banker away from the deal saying it was likely to bring pricing in from the 155bp over mid-swaps initial price thoughts.

By mid-morning, orders were approaching €2.75bn for Zurich Insurance’s 10 year senior deal, a ...

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