Bank GGs make comeback
Government guaranteed bonds from banks have made a return this week after a month without public euro issuance, as Unicaja, CEAMI (the vehicle borrowing on behalf of the smaller Spanish savings banks) and HSH Finanzfonds all issued. Absence has clearly made the heart of investors grow fonder and spreads have tightened in dramatically since the last wave of deals. How is the balance between standalone and supported issuance changing? Read EuroWeek on Friday.
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