Rare floaters overwhelmed by demand

By Nigel Owen
09 Nov 2017

The trend for corporate issuers in Europe in 2017 has been to sell bonds with longer tenors. However, among this week’s deals were three short dated floating rate notes, which all garnered huge demand.

“Money market funds, bank treasuries and corporate treasuries are taking any opportunity to put cash to work in a negative yield environment,” said a syndicate manager on one of the deals. “They may be buying a coupon and paying above par, but holding cash can be even more ...

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