Calm before the storm: LTRO roll-off bodes well for FIG supply

Negative net supply, volatile markets, unattractive rates and cheap central bank liquidity — for large portions of 2012, the bank finance market has been an unhappy place. But towards the end of the third quarter, capital issuance was finally going ahead, even without the official green light from European regulators. Forthcoming LTRO redemptions make a torrent of supply likely in 2014 and 2015. Will Caiger-Smith looks ahead to a busy future in the FIG market.