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GC Asia
Latest News
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Unsecured euro money market borrowing hits high
Unsecured euro money market borrowing this week reached its highest level since the European Central Bank began publishing statistics in November 2017, driven by issuers scrambling for funds to combat the coronavirus pandemic, according to one analyst.
28 May 2020 -
Demand high for short end Nokkie paper
The recent maturity of a large Nokkie line released NOK9bn ($904.5m) into the market last week, with some foreign investors eager to reinvest in attractive short end paper.
20 May 2020 -
Negative rates talk a problem for money market funds
The pain that negative rates in dollars could cause money market funds hangs like an albatross around the US Federal Reserve’s neck. Talk of them has picked up over the last week as US Federal Funds Futures prices started to imply they were on their way, while president Donald Trump pushed the topic on Twitter, even though and Fed chair Jerome Powell appeared to rule them out.
18 May 2020 -
CFF prints longest ever covered bond
French covered bond issuer Compagnie de Financement Foncier (CFF) ventured into unexplored territory at the end of last week to print the longest ever covered bond.
14 May 2020 -
Norges Bank shocks with cut to zero
The Norges Bank surprised the market with an unexpected base rate cut to a record low of zero on Thursday. Since the start of the year, coronavirus volatility and wildly gyrating oil prices have buffeted the value of the kroner.
07 May 2020 -
Europe's central bank is missing the mark in money markets
The ECB has, despite an early gaffe, decided that it is its job to close spreads after all — and for the most part, it is excelling in its task. But its attention is focused on the bond market and, as a result, those who rely on the money markets for short term funding are suffering.
28 Apr 2020 -
Scandie banks fly up MTN league tables
A slide in euro and dollar MTN volumes has given Scandinavian banks the chance to propel themselves up the MTN leader board.
24 Apr 2020 -
ECB has ‘misunderstood CP market’, says agency funding boss
The European Central Bank’s purchase programme will do little to aid agencies in raising cash in the commercial paper market, making little difference to rising borrowing costs and expanding programmes, according to Jérôme Margerin, head of short-term funding at ACOSS, one of Europe’s largest non-sovereign CP issuers.
22 Apr 2020 -
MTNs recovering but still behind last year
The MTN market is picking up as issuers (particularly corporates and SSAs) and investors find opportunities for attractive deals.
02 Apr 2020 -
CP experts welcome aid but want reassurance
Market participants have welcomed moves by the US Federal Reserve and Treasury, the Bank of England and the European Central Bank to restore order in commercial paper markets. This normally placid funding source has been under severe stress in the past week as investors and dealers shun risk amid the escalating coronavirus crisis. But market participants are still seeking further reassurance.
19 Mar 2020 -
Commercial paper market cries out for Fed help
The commercial paper market is emerging as a source of stress as financial markets creak under the pressure of the coronavirus crisis. This happened in the 2007-9 financial crisis too, but this time the strains are different. Market participants want central banks to act.
16 Mar 2020 -
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.
26 Feb 2020 -
Middle Eastern bank pair print rare MTNs
Qatar National Bank returned to the euro market for the first time since March 2018 this week, while there was also an unusual outing in Saudi riyal as Emirates NBD made its debut in the currency — the first from a non-Saudi issuer since 2018.
06 Feb 2020 -
Barclays puts senior MTN banker at risk
Barclays put a senior medium term note banker at risk of redundancy on Friday. The bank will hand the reins of its MTN business to a more junior banker in its Paris office.
21 Jan 2020 -
Turkish bank gets the green light
Turkish lender Yapi Kredi ventured into the green bond market for the first time on Friday with a rare dollar private placement, its first since January 2016, according to Dealogic data.
14 Jan 2020
