Senior market stands firm in crisis

18 Mar 2011

The senior unsecured market in euros held up as the crisis in Japan unfolded, with transactions from Banca Popolare di Vicenza, Banque Fédérative du Crédit Mutuel (BFCM), and BNP Paribas going ahead.

Despite worrying news from Japan and the Middle East, CDS referencing European financial’s senior debt tightened over the week, from closing at 165bp the previous week to trading at 153bp on Thursday afternoon, according to Markit data.

Banks found demand for senior unsecured issues in euros, but supply ...

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