FIG: a tale of two markets

Belgium’s KBC Group is set to become the week's first, and maybe only, issuer of additional tier one debt, in a week that promised much but has so far delivered little bank capital issuance. Over in the senior market, meanwhile there is almost a surfeit of supply — and demand — with €3.45bn of deals priced so far generating over €40bn of orders. However, with the market softening on Wednesday, further supply is uncertain.