Secondary senior improves as PSI outlook brightens

08 Mar 2012

Spreads tightened in the secondary senior unsecured market on Thursday, as the market became more optimistic on the results of the Greek PSI deal. However, there were still no new issues in the asset class, leaving bankers hoping for a positive start to next week.

The iTraxx senior financials index was 5.5bp tighter at 210bp, while bankers said cash spreads were around 5bp tighter on the day. Danske Bank’s recent two year, however, was still wider than re-offer, at between 112bp and 115bp.

“Most of the widening yesterday was in CDS and indices, and ...

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