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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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MTN investors followed a policy of safety this week, leading to a string of covered bond private placements and inflation linked notes.
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Financial institution deals dominated the short end of the commercial paper market this week, although a widening in the euro/dollar swap could cause the sector to lose ground to sovereigns, supranationals and agencies, dealers warned.
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US prime money market funds reduced holdings in eurozone issuance by $54bn in September, the fourth consecutive month that eurozone securities’ share of total assets has fallen, new figures have shown.
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A favourable euro/sterling basis swap and cash rich UK buyers helped propel sterling MTN deals for financial institutions this week.
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Fears that US money market funds would abandon European bank CP were allayed this week, after a US investment manager cited "relative value" in European senior bank debt.
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Floating rate MTNs in sterling were in demand this week, although dealers warned that external factors such as a possible restructuring of Dexia could halt a large-scale resurgence of issuance in its tracks.