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Private debt

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  • Companies that rarely print MTNs are being tempted by the chance to sell them well inside where their public deals would be priced, according to MTN dealers, thanks to lack of supply in the market.
  • The International Capital Markets Association is trying to help foster a pan-European private placement market, but bankers are cautions about the market and do not expect it to make up a big part of their business, they have told GlobalCapital.
  • UK universities are looking to the capital markets for financing and many are opting for private placements — a market that is expected to thrive in the coming months, according to debt capital market bankers.
  • The European Central Bank moved its deposit rate into negative territory on Thursday. Such a move is unlikely to boost lending to the real economy, and could come with unintended consequences for the money markets.
  • The International Capital Market Association (ICMA) is debating the value of an external rating agency — such as the US National Association of Insurance Commissioners — as it attempts to develop a formalised Euro private placement market.
  • Amundi Asset Management is preparing to buy Italian and Spanish corporate MTNs, a spate of which it expects to be issued in the coming months.