In 2005, they were among the busiest issuers of Eurobonds, selling €13 billion of new bonds between the three of them. In 2006, the big Icelandic banks will be sitting it out. “We won’t issue in Europe at all this year,” says Gudni Adalsteinsson, group treasurer at Kaupthing. Icelandic bank spreads, which had been drifting wider late last year, moved out sharply in early March. “The current levels are not attractive to us. We have other, cheaper means of funding and want the technicals in the European market to stabilize.
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