Secondary market awaits BWIC outcome, traders fear further price drops

11 Nov 2008

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.

The new BWIC has put a damper on trading volumes this week, as traders wait to see at what price these names traded.
“I’ve seen a few emails saying ‘Oh God, not another BWIC’,” said one loans trader in London. He thought that Eu343m was not a large amount ...

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