As markets got excited in the run up to Wednesday’s LTRO and then basked in its afterglow, Italy’s Banca Monte dei Paschi di Siena proved that second tier credits from peripheral jurisdictions could access the senior unsecured market.
MPS launched its deal after the European Central Banks long term refinancing operation results were released, while UniCredit and KBC Ifima took advantage of the pre-LTRO rally to close books before the ECBs figures came out.
Yesterday morning the market was feeling a lot more positive pre-LTRO, said a
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