Bank tier one still out in the cold despite thaw in credit markets

28 Sep 2009

Bank of America Merrill Lynch’s September credit investor survey shows that although there is an abundance of liquidity in the bond markets and investors are quite comfortable about emerging macro risks in the credit markets, they remain firmly underweight bank tier one.

While they are less underweight tier one than they were in May this year, their positioning is now less favourable on tier one that it was in July. A similar trend is apparent across the spectrum of bank debt.

Indeed, while investors are generally less risk-averse than they ...

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