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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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Another threat to US money market funds’ demand for commercial paper has emerged from the Federal Reserve Board, days after money funds warned about the damage proposed SEC regulation could do to the industry.
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Commercial paper (CP) dealers have backed a warning from Federated Investors that proposed new rules could destroy the US money fund industry.
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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).
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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.
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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.
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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).