Mistimed Zurich deal proves dollar market not bulletproof

12 Apr 2012

While bankers said they hoped strong results from US banks this week could revive the market, some raised concerns about the US market after Zurich Insurance pulled a dual tranche dollar deal on Tuesday.

The dual tranche five and ten year deal was intended partly to refinance €800m of senior debt which is due this Saturday. But bankers close to the deal said it had been pulled because of poor market conditions. "They chose an awful day to go out," said one.

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