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PIF's commercial paper programmes have been rated by S&P
EDF and Mowi tapped private placements in their home currencies
SSA issuers extend their hot run in the private market, crowding into the short end of the curve
Banks crowd the short end in another busy week for private placements
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Bankers and participants in the short term debt markets this week called for sanity and a measured analysis of banks’ liquidity positions amid escalating fears of a European bank funding crisis. This is not a replay of Lehman Brothers in 2008, they stressed.
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By remaining reluctant to disclose data on their liquidity and short-term funding positions, European banks have failed to learn the lessons of 2008’s liquidity crisis, market analysis firm CreditSights said on Wednesday.
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Dealers were divided over the effect of volatility in equities on the ECP market this week. While some claimed investors were relatively unfazed by swings in the share price of banks — particularly French institutions — others said the movements of the equity markets had made for a difficult issuance environment.
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Many investors favoured Scandinavian and Australian banks this week as risk aversion and volatility reigned.
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As the ECB wades in to provide more emergency liquidity for European banks, the interbank lending market is drying up as financial institutions increase their use of the central bank’s deposit facilities. This is prompting money market participants to worry about a liquidity squeeze similar to that which followed the collapse of Lehman Brothers in 2008.
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EUROPEAN banks are facing a permanent drop in the liquidity they receive from US money market funds, after last week’s Greek bail-out package did nothing to calm funds’ fears over exposure to the sector.