Bankers fear slow September despite better tone

12 Jul 2011

Despite improved sentiment in the senior unsecured market, bankers on Wednesday concluded that the market was shut for the summer — and that September could be disappointing even though investors and issuers will have returned from holidays.

Secondary flows were slightly up from yesterday, with a 3.5bp contraction in the iTraxx senior financials index backing up claims of an improved market tone. The index was at 176bp by mid morning, having hit 200bp yesterday for the first time since January.

“There’s no consensus,” said a FIG syndicate banker. “People are ...

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