Yield of dreams

摘要

"Build it and they will come" has to be one of the more D infamous movie misquotes of all time. It nonetheless works perfectly when it comes to new asset classes. Investors poured more than €8bn of orders into the first two offerings in the new format of loss-absorbing senior debt last week - a €1.5bn deal from Credit Agricole and a €lbn trade from Societe Generale. The deals got the largest order books of any senior euro deal since September, allowing both issuers to tighten spreads between 10bp and 15bp.