Action needed on Greece as stress tests fail to revive senior

18 Jul 2011

The release last Friday of an unprecedented level of balance sheet data, including details of sovereign holdings, by European banks as part of the European Banking Authority’s stress tests has had little effect on sentiment in the senior unsecured FIG market, said bankers on Monday morning.

A lack of decisive action on Greece’s sovereign debt situation, coupled with the prevailing view that the results of the EBA’s tests are irrelevant as they did not involve a Greek default, are stopping issuers from even considering selling senior debt, said market participants.

“No news is generally viewed as bad news these days,” ...

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