Secondary market awaits BWIC outcome, traders fear further price drops

The secondary loans market was on hold today as traders awaited the outcome of the latest list of bids wanted in competition (BWICs) issued last week by Royal Bank Scotland. The Eu343.7m BWIC is one of the first seen in the European secondary market since October, when a string of them — mainly issued by Icelandic banks trying to offload assets — sent cash prices tumbling.