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Higher rate expectations have sharply reduced the possibility of bonds being redeemed this year
Higher rates from the outbreak of the war have enhanced callable MTNs' yield appeal
Varied issuance in senior credit this week, including blue and green bonds, as ultra-long vanilla duration returns in SSA private placements
The winning institutions, deals and individuals revealed at our inaugural gala dinner in London
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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.
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Investors looked to top-rated European credits in a week when volatility and uncertainty reigned: those hunting yield bought non-core currencies but they stuck to highly rated issuers.
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Despite a drop in bank ECP volumes this week, dealers are confident that financial institutions will continue to find liquidity in the short term markets. Meanwhile, last week’s stress tests did not have a material influence on trading.