MTN volumes flag but non-core soars
MTN deal volumes year-to-date have slumped by nearly a third year on year, falling from $51.6bn in 2019 to $35bn this year. The fall has been particularly pronounced in core currency deals, with deals from other currencies forming a larger proportion of the market.
“Euro yields are too low,” said one MTN banker. “No one wants to buy an illiquid instrument with zero yield. It’s the same problem in dollars — coupons are just not brilliantly high.”Ten year German bund yields have tumbled from an average of 0.07% at the end of ...
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