MTNs & CP

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  • Rare Toyota Industries deal spices up MTN menu

    Rare Toyota Industries deal spices up MTN menu

    Infrequent issuer Toyota Industries Finance International revisited the MTN market at the end of last week to place its second euro floater of the year. Meanwhile, in dollars, a trio of emerging market banks have printed fixed and floating rate paper in the last week.

  • FRN bonanza sweeps MTN market

    FRN bonanza sweeps MTN market

    Corporate, FIG and SSA issuers placed floating rate notes this week, pegged to Euribor, Sonia and Libor. With so many issuers coming to market, bankers are interested to see which other borrowers 'take advantage of the liquidity'.

  • Metro mulls public and private MREL options as Fitch cuts debt rating

    Metro mulls public and private MREL options as Fitch cuts debt rating

    Fitch Ratings has downgraded Metro Bank a month after giving the UK lender its first rating. It expressed concern about Metro’s recent failure to raise debt for looming regulatory requirements, but the bank is insisting that it still has plenty of options on the table — including looking at solutions in the private market.

  • Westpac goes big as MTNs move into peripheral markets

    Westpac goes big as MTNs move into peripheral markets

    Westpac placed just under HK$13.4bn into the Hong Kong market across two MTNs last week — the pair of bonds are its largest ever in the currency, according to Dealogic. The notes came in a busy week for niche issuance, and bankers have posited that this move into the peripheral markets comes as a response to the global fall in yields.

  • MTNs slip through as public market resumes

    MTNs slip through as public market resumes

    Issuance is starting to resume after the summer break; however, this week a booming public market drew away investor and issuer attention from MTNs. Despite this, a range of established SSA, FIG and corporate borrowers have slipped in, with deals across core, niche and EM currencies.

  • Scandi taps flow after summer break

    Scandi taps flow after summer break

    Volumes are growing across the spectrum in the Scandinavian MTN markets, as issuers and bankers return from their summer holidays. Meanwhile, bankers are expecting Scandinavian investors to move further out along the credit curve in response to negative yields as dovish Nordic central bank tones could lead to a bullish Scandinavian market.

  • World Bank floats in Hong Kong dollars for the first time since 2009

    World Bank floats in Hong Kong dollars for the first time since 2009

    The World Bank placed its first Hong Kong dollar deal of its 2019/2020 funding year last week. The supranational chose to link the private placement to the Hibor benchmark, a now little seen structure that was likely the result of a "very specific enquiry", according to one MTN banker away from the deal.

  • Rare FIG issues take to euros in MTNs

    Rare FIG issues take to euros in MTNs

    An infrequent FIG issuer returned to the medium term note (MTN) market this week to place the second of a pair of identical floating rate notes (FRN) this month. While on Wednesday, another bank brought back a structure that has rarely been seen since the financial crisis, according to one banker.

  • MTN investors opt for the ‘familiar’

    MTN investors opt for the ‘familiar’

    A cavalcade of “familiar names” have come to the market over the last week. SSAs, corporates and FIG issuers printed across the euro curve, while a trio of supranationals were also active in emerging market currencies.

  • Lloyds wraps up debut bond offering from non-ringfenced bank

    Lloyds wraps up debut bond offering from non-ringfenced bank

    Lloyds Bank Corporate Markets, the non-ringfenced arm of Lloyds Banking Group, has made its capital markets debut. The UK bank went private to place short-end paper in both fixed and floating rate formats, ahead of a debut in the public market later this week.

  • Banco del Estado de Chile makes Aussie return

    Banco del Estado de Chile makes Aussie return

    A pair of emerging market banks placed MTNs this week. In Australian dollars, Banco del Estado de Chile printed a 10 year note on Tuesday, while on Monday, Qatar National bank placed short end dollar paper.

  • NatWest makes krona debut as Avida raises AT1

    NatWest makes krona debut as Avida raises AT1

    Three Nordic banks and one British bank placed paper in Swedish krona this week. NatWest Markets made its debut in the currency, while Scandinavian-based Avida Finans printed its first AT1. Avida Finans plans to follow this debut AT1 with a future stock exchange listing.

  • Swedish krona prepares for midsummer break

    Swedish krona prepares for midsummer break

    Issuance in Swedish kronor picked up this week, with three corporate issuers placing Skr6.28bn ($667.9m) across four private placements, as issuers looked to get in ahead of the midsummer break. In euros, a Dutch and French agency both placed paper, while protests in Hong Kong caused yields to spike in offshore Chinese renminbi and Hong Kong dollars.

  • Favourable spreads offer SSA MTN sterling spree

    Favourable spreads offer SSA MTN sterling spree

    Three SSA borrowers issued a total of £200m ($255m) of medium-term notes in response to an inquiry for three year non-call one fixed rate sterling bonds on Tuesday — which probably all sold to the same buyer — amid an uptick of paper in the currency.

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