Subordinated bank and insurance paper issuance in the first three months of the year has broken all previous records. According to Dealogic, by the middle of March volumes for all internationally marketed subordinated bonds came to $43 billion, breaking the record for first-quarter supply established in 2005.
The significance of this new record become clearer once the fact that the 2005 first-quarter total of $41.8 billion was one-third higher than 2004’s is taken on board [see graph below].
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