When the going gets tough everyone heads for the hills. It took three months for a bank to brave the floating-rate note market. As Euromoney went to press a small securitization was finally being marketed – but still not from one of the real market leaders.
Whether in secondary trading or the primary markets, Europe was left far behind by the US. Liquidity drained from trading desks and the new issue market. This must be somewhat galling for the continent’s bankers and senior regulatory officials.
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