Déjà EU

Rumors swept through trading floors last Friday that a “big deal” was launching of a kind rarely seen in this market. But by day’s end, those reports appeared unfounded. “We heard a loan was coming with no sponsor dividend,” one syndicator noted wistfully. “But we knew it was too weird to be true.” Ok, maybe we were hearing things, but you can’t blame us for being distracted. First, there was Ireland. Yes, the Emerald Isle (or the Land of Ire, as it’s now known in the eurozone) was back in the news as the poster child for sovereign budgetary woes. And in a flashback to this past spring, capital markets reacted by taking a brief powder. Seems investors aren’t quite as cozy as the rash of bank/bond issuance would indicate.

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