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Financial institutions triple issuance in the currency this year, while corporates make greater use of euro and sterling taps
Private taps offer issuers an alternative route through uncertain issuance windows due the Middle East conflict, bankers say
Higher coupons and steady rate expectations draw investors back into the currency
SSA issuers increase focus on PPs amid quieter period for public markets
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Familiar names kept deals ticking over in FIG MTNs this week, as investors and issuers became more cautious after what had been a busy start to the year. Longer dated prints were generally in covered bond format.
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Italian bank access to money market fund cash has “all but evaporated”, commercial paper dealers said on Monday, after Standard & Poor’s imposed a swathe of downgrades on 34 financial institutions.
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Intesa Sanpaolo’s perilous short term funding position was thrown into sharp relief this week when Fitch downgraded it to F2 on Monday night. Any similar action from either of Fitch’s rival ratings agencies would place Intesa’s paper out of the reach of top European money market funds.
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Helaba attracted sterling funding for the first time since 2007 with its debut covered bond in the UK currency. The sterling investor base had largely shunned the issuer since it lost its state guarantee in 2005, but the bank hopes its latest print will be the first of many.
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Intesa Sanpaolo could be locked out of commercial paper funding after a downgrade by Fitch Ratings pushed it a step closer to falling below money market funds’ investment criteria.
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New FSA rules could see ABCP conduits in the UK forced to shrink their programmes, a move that could lead to a boost for term securitisation markets in credit card and auto ABS.