The US tapering discussion, which started at the end of May, led to a widening of spreads, especially of peripheral issuers. The overall improvement in market sentiment regarding the European sovereign debt crisis has enabled banks located in peripheral countries to step up issuance. The share of issues with volumes of between EUR 500 million and EUR 1 billion, so called “mini-Jumbos”, has grown.
This development can be attributed to the growing importance of better asset-liability management as a result of regulatory changes that require, amongst others, a better maturity match. 4  BIS central bankers’ speeches  Another secured funding market, the ABS market, is still suffering from the financial crisis, which was partly caused by its own excessive developments.