Mediterranean credit returns, but big maturities loom

21 Jan 2011

Italian and Spanish banks benefited this week from an improved tone in the CP market and were able to print larger three month deals than in recent weeks — a development that dealers described as encouraging. But a wall of maturities approaching next week will prove a test of the depth of liquidity for these credits.

Iberian issuers have printed a smattering of small 90 day deals over the past weeks, but this week they found demand for larger trades. UBI Banca International printed a Eu130m 90 day deal on Tuesday, after selling a Eu205m 86 day deal on Monday, according to Dealogic. Banesto ...

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