MTNs & CP - All Articles

  • MTNs hope Europe’s investors will fill Asian vacuum

    The MTN market hopes European investors will step up this week as Asian buyers who carried the market through January prepare for the Chinese New Year holidays.

    • 31 Jan 2011
  • CBA prints Australian banks’ first Swedish krona MTN

    Commonwealth Bank of Australia last week became the first Australian bank to sell an MTN denominated in Swedish krona. However, the likelihood of Australian banks doing more deals in the currency will depend on the basis swap between Swedish krona and US dollars, bankers said.

    • 31 Jan 2011
  • Italian bank exploits demand for euro puttables

    In what could become a growing trend for the Italian FIG market, Intesa Sanpaolo sold a pair of identical Eu125m one year puttable floating rate notes through Crédit Agricole on Wednesday, after self-placing a similar Eu288m two year deal on Monday.

    • 28 Jan 2011
  • Crowding out fears hit SSA market as German bad banks gear up for issuance flood

    AGENCY borrowers — newly crowded out by the European Financial Stability Facility — are steeling themselves for more than Eu40bn of competing supply implicitly guaranteed by the eurozone’s reference sovereign, Germany.

    • 28 Jan 2011
  • Spanish and Italian banks stand strong in volatile market

    Iberian financial institutions continued their run of good fortune in the commercial paper market this week, successfully rolling over large maturities even as volatility in interest rate and money market futures drove some investors to the sidelines.

    • 28 Jan 2011
  • Malaysia’s CIMB Bank to tap EMTNs

    Moody’s has assigned a provisional foreign currency rating of A3 to CIMB Bank’s proposed $1bn multi-currency EMTN programme. The signing of the programme would make CIMB the first Malaysian financial institution to tap the European MTN market, according to data from Dealogic.

    • 27 Jan 2011
  • Spain and Italy’s banks stand strong in volatile CP market

    Improved investor sentiment towards Spanish and Italian banks last week shows no sign of abating, with Iberian financial institutions continuing to issue large pieces of commercial paper to meet sizeable upcoming maturities, despite a growing volatility in interest rate and money market futures driving some investors to the sidelines.

    • 26 Jan 2011
  • German bad banks enter ECP and MTN markets

    FMS Wertmanagement, the German agency set up to manage the unwanted assets of Hyporealestate Group, has signed a Eu40bn multi-currency ECP programme, arranged by Royal Bank of Scotland. Meanwhile, Erste Abwicklungsanstalt, the bad bank agency for WestLB, is finalising an MTN programme, due to be launched in the next few days.

    • 24 Jan 2011
  • Busy benchmark calendar stunts demand for FIG MTNs

    A busy public bond market, combined with an abnormally wide gap between public and private pricing levels, is keeping demand for financial institution MTNs lower than usual for this time of year, despite improved investor sentiment.

    • 21 Jan 2011
  • Mediterranean credit returns, but big maturities loom

    Italian and Spanish banks benefited this week from an improved tone in the CP market and were able to print larger three month deals than in recent weeks — a development that dealers described as encouraging. But a wall of maturities approaching next week will prove a test of the depth of liquidity for these credits.

    • 21 Jan 2011
  • Busy benchmarks stunt demand for bank MTNs

    A high level of activity in the public bond market, combined with an abnormally wide gap between public and private pricing levels, is keeping demand for FIG MTNs lower than usual for the time of year.

    • 20 Jan 2011
  • Italian and Spanish banks getting three month CP in size

    Italian and Spanish banks have benefited from an improved market tone and have been able to print larger three-month CP deals than in recent weeks — a development that dealers described as encouraging.

    • 18 Jan 2011
  • FIG pricing disconnect hurts the MTN market

    In spite of an improved market tone on Monday morning, MTN dealflow from FIG issuers is likely to be stunted as the market continues to be overshadowed by heavy public issuance — not helped by a disconnect between the prices that issuers are posting for the public market and less attractive levels for private placements.

    • 17 Jan 2011
  • Simple structures flavour of month in tricky MTN market

    The increased popularity of covered bonds since the start of the year led to several private placements for FIG issuers this week, while market volatility and low rates spurred issuance of simple structures.

    • 14 Jan 2011
  • Basis swap throws banks a bone — for now

    Tightening of the basis swap between dollars and euros led top-flight sovereign, supranational and agency issuers to take a back seat in the CP market towards the end of the week.

    • 14 Jan 2011
  • Mediocredito rolls over Eu1bn MTN programme

    Mediocredito Investitionsbank has renewed its Eu1bn MTN programme, arranged by Banca IMI. The Italian issuer signed the new programme on Tuesday, but will most probably wait until the second half of 2011 to issue, according to a senior funding official.

    • 13 Jan 2011
  • SSAs threaten to crowd out banks in CP market

    Bank issuers in the commercial paper market are facing increased pressure from sovereigns, supranationals and agencies, which are able to offer more attractive returns, say dealers.

    • 11 Jan 2011
  • BayernLB’s Corelux launch a good sign for ABCP market

    BayernLB has set up its first asset backed commercial paper conduit since the asset class fell out of favour in the credit crisis of 2007, alongside a thawing of investor sentiment towards asset backed paper.

    • 07 Jan 2011