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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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This week’s cheaper access to central bank dollars is not the "big bazooka" that European banks struggling to attract financing in commercial paper and interbank markets need, dealers have warned. Even bolder action is still required to tackle the eurozone crisis, they argued.
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Co-ordinated central bank efforts to ease dollar funding access is not enough to solve the dislocation in the short-term funding markets, commercial paper (CP) dealers have warned.
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US prime money market funds have cut their exposure to Nordic and German banks, having already slashed their exposure to French banks, and reduced any residual exposure to peripheral banks, since May.
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Credit Suisse has recruited a Deutsche Bank private placements and MTNs specialist, EuroWeek can reveal.
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In volatile markets, where European investors are increasingly wary of being sole owners of a bond, agencies have found more demand for taps. Land Schleswig-Holstein sold a €30m six year floater through Jefferies — the first MTN the bank has done for the issuer — to a single German investor on Thursday. KfW sold two €25m taps of its July 2016 and January 2017 fixed rate notes through Deutsche Bank on Monday. Both were placed with a single investor in Europe.
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Issuers dictated terms this week as investors sought refuge from market turmoil in high quality names and collateralised deals.