MTNs & CP - All Articles

  • Dealers back Federated stance on money fund changes

    Commercial paper (CP) dealers have backed a warning from Federated Investors that proposed new rules could destroy the US money fund industry.

    • 30 Jan 2012
  • Swedbank bucks short-end trend with five year placement

    Swedbank cut through the recent MTN trend for short dated unsecured notes with a Skr1.95bn ($288.8m) five year floater via Handelsbanken on Monday. It also sold its first public senior unsecured bond since early 2010 (see separate story in Credit News: Financial Institutions section).

    • 27 Jan 2012
  • Swedbank Mortgage CP casualty of new streamlined funding plan

    Swedbank Mortgage will no longer issue euro commercial paper after the bank decided to streamline its funding programmes. The cancellation of the programme, to be finalised in the next two weeks, follows its decision to print all wholesale funding, other than covered bonds, via parent firm Swedbank.

    • 27 Jan 2012
  • FIG markets back to pre-crisis days as Lloyds TSB triumphs

    With investors scrabbling for bank paper after a powerful secondary rally and a slowdown in new issues since the year’s initial rush, bankers are urging financial issuers to seize a compelling opportunity to raise new debt. A €1.5bn Lloyds TSB senior deal that attracted almost €4.5bn of orders in just 90 minutes on Thursday morning underlined the point.

    • 27 Jan 2012
  • Swedbank retains private senior focus as short term funding streamlined

    The bulk of Swedbank’s senior unsecured funding will remain privately placed, despite the firm opening books on its first public deal since early 2010 (see separate story).

    • 26 Jan 2012
  • Bank CP issuers push out maturities as downgrades ignored

    Bank issuers of commercial paper have been lengthening their maturity profiles after money market funds shrugged off last week’s Standard & Poor’s Eurozone sovereign downgrades. Many have begun pushing for longer tenors by making their levels less attractive at the very short end, said dealers.

    • 20 Jan 2012
  • Westpac latest Aussie to print covered MTNs

    Westpac became the latest Australian bank to print its first covered bond private placements this week as the new jurisdiction for the asset class gets dealers and investors hot under the collar. Norwegian krone investors have been big buyers of the product so far.

    • 20 Jan 2012
  • Senior tightens but volumes down as blackouts bite

    With many issuers unable to print because they are in blackout, volumes are down in the senior unsecured market despite an increasingly positive market backdrop.

    • 18 Jan 2012
  • CBA sells first privately placed covered bond

    Commonwealth Bank of Australia (CBA) has sold its first privately placed covered bond, joining ANZ Bank and National Australia Bank (NAB) in taking advantage of an October 2011 change in Australian banking law.

    • 16 Jan 2012
  • CP buyers relax as maturities lengthen

    Investors have begun to "look through the noise" surrounding European banks and seek longer dated commercial paper (CP), dealers said this week. Maturities have lengthened as credit concerns have retreated following the European Central Bank’s long term refinancing operation, said some.

    • 13 Jan 2012
  • MTNs stay short as syndicated deals steal long-dated show

    MTN bankers were this week waiting for a pause in the roaring start to the year in the public bond markets to give private placement issuers a chance of selling mid- and long-dated notes. However money market fund buying supported short-dated issuance this week.

    • 13 Jan 2012
  • ANZ plans new currencies and structures to meet investor demand

    ANZ Bank expects to increase the number of currencies and structures in which it prints private placements, as it prepares for expected continued volatility in the public markets in 2012.

    • 12 Jan 2012
  • Short dated surge for European banks

    Interest is surging in short-dated medium term notes (MTNs) from European banks, with investors demanding paper maturing in two years or less.

    • 10 Jan 2012
  • ECB borrowing plummets after busy week for FIG

    Borrowing from the ECB’s marginal lending facility has plummeted after a busy week in long and short term funding markets.

    • 09 Jan 2012
  • Financial CP volumes strong but dealers remain tentative

    Banks have made a good start in the commercial paper market in this first week of 2012, but dealers were reluctant to predict a full-scale recovery for the FIG sector in money markets.

    • 06 Jan 2012
  • Banks on starting blocks as first deals struck

    Banks have sold their first medium term notes in 2012 but dealers expect the real business to start next week, as positive sentiment in the public segment trickles through to the private placement sector and investors look to put their cash to work outside of their domestic markets.

    • 06 Jan 2012