European financials weather sovereign instability

Trading talk: May 2011


European bank names gained traction in credit trading last month, but not without some see-saw action for spreads. Relief following the conclusion of bank stress tests in Ireland set a strong tone at the start of the month. There was no mention of haircuts for senior bank debt when the results were released on March 31, leading to a broad relief rally.

Markit iTraxx Europe closed four basis points tighter on April 1, while news of equity raisings by Italian banks and Germany’s Commerzbank also

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