MTNs & CP

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  • TD Securities shakes up MTNs team

    TD Securities shakes up MTNs team

    TD Securities has appointed Matthew Jaconelli to head up its MTN and niche currency operations in Europe, taking over from Sameer Rehman, who will now focus on financial and corporate issuance.

  • Bank of China (Djibouti) debuts in MTNs

    Bank of China (Djibouti) debuts in MTNs

    Bank of China sold its first ever bond out of its Djibouti branch on Monday, as Chinese issuers pour into capital markets to make up for time lost to the coronavirus pandemic.

  • Bank CP funding needs likely slashed by TLTRO take-up

    Bank CP funding needs likely slashed by TLTRO take-up

    The renewed flood of central bank funding in the form of a new round of Targeted Longer-Term Refinancing Operations (TLTRO III) will put a severe dent in the supply of commercial paper from bank borrowers.

  • Unsecured euro money market borrowing hits high

    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.

  • Demand high for short end Nokkie paper

    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.

  • Negative rates talk a problem for money market funds

    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.

  • CFF prints longest ever covered bond

    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.

  • Norges Bank shocks with cut to zero

    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.

  • Europe's central bank is missing the mark in money markets

    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.

  • ECB has ‘misunderstood CP market’, says agency funding boss

    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.

  • CP experts welcome aid but want reassurance

    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.

  • Commercial paper market cries out for Fed help

    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.

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