MTNs & CP

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  • 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.

  • Swedish krona issuers look to beat midsummer close

    Swedish krona issuers look to beat midsummer close

    An infrequent Swedish corporate issuer, a Nordic bank, and a German car manufacturer all placed floaters larger than Skr1bn ($106m) in the last week. Swedish krona bonds have been popular with both public and private issuers in recent weeks, as both issuers and investors rush to get business done before the traditional midsummer market closure.

  • Middle East FIG MTNs flow

    Middle East FIG MTNs flow

    MTNs from Middle Eastern banks have flowed freely over the last week, with borrowers printing a range of currencies to take advantage of basis swap opportunities, amid little competition from European financials, say bankers.

  • Swedish krona attracts covered FIG issues

    Swedish krona levels look attractive compared to euros, say bankers, leading to a raft of large deals being printed at the short end. Swedbank and Deutsche Pfandbriefbank both benefited from these levels when they printed covered bonds this week.

  • New regulations cause Formosa decline

    New regulations cause Formosa decline

    Structured issuance in Formosa format has tumbled amid a wider decline in structured MTN volume year to date, which Dealogic data shows has fallen from $9.98bn across 213 trades at this point in 2018 to $5.08bn across 119 deals this year.

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