◆ Heightened sensitivity towards second tier issuers drives demand ◆ Jyske tier two and BAWAG senior preferred lose orders due to tighter spreads... ◆ ... but wider spreads on PBB and Arion attract buyers
◆ Very similar deals are priced at exactly the same spread ◆ Future supply and investor appetite direct same day execution ◆ Combined demand nears €7bn for €1.75bn new debt
