Secondary senior steady despite CDS widening

05 Mar 2012

The secondary senior unsecured market on Monday resisted widening CDS spreads, holding steady in the face of uncertainty around the Greek PSI debt swap.

The senior financials index was 7bp wider at 213bp, but senior mostly held steady. Banco Popular Español’s €750m 18 month deal, which was priced on Friday, was around 5bp tighter in the secondary market.

Last week’s other issues were all still tighter than re-offer: KBC Ifima by 15bp, Monte ...

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