Europe Banks Race Sovereigns to Bond Investors: Credit Markets
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Deutsche Bank AG and Rabobank Nederland led European lenders selling U.S. bonds yesterday ahead of euro-area countries, beset by the sovereign debt crisis, that need to raise $1.1 trillion this year.
Germany’s biggest bank issued $1 billion of five-year notes in its first dollar-denominated sale since March, while Rabobank sold $2.75 billion of securities, according to data compiled by Bloomberg. European lenders offered $7.25 billion of bonds yesterday, driving corporate sales to $21.2 billion, the most since September 2009, while today saw the year’s first senior bank bonds in euros.