Cash piles would like to meet FIG bonds
Investors are jostling for bank paper in any format, but so far this week financial institutions are holding their cards close to their chests. Bank of Ireland repeated the formula Irish Nationwide used last week, bringing a government guaranteed September 2010 tap to bond-starved investors. It came at 157bp over swaps, 18bp tighter than Irish Nationwide. The recent second quarter US bank results prompted dollar deals from Citi and Goldman Sachs, and now the market is on the look out for issues from Bank of America and JPMorgan.
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