ECP sentiment improves but market conditions still tough

13 May 2010

Flows of Spanish bank paper in the European commercial paper market have yet to recover fully, despite actions by authorities to stem market panic, though the market’s tone has improved.

Portuguese banks, meanwhile, will be forced to find new investors and may have to cut their CP funding.

Market participants report improved sentiment and better flows in names from peripheral sovereigns. "The start of the week still felt absolutely terrible; there was almost nothing in Spanish names and people ...

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