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Investors seek structured and vanilla FRNs from credit and SSA issuers amid sharp rate fluctuations
Higher dollar yields dampen some of the callable demand
Hong Kong dollars continue to develop into a mainstream funding currency for SSAs
Ex-Crédit Agricole banker to be based in Paris
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Conditions at the short end are still tough for European banks, but US money market funds are offering a glimmer of hope, as dealers report trading by them has picked up slightly, after being in decline for months.
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Spanish banks issued nearly three times more commercial paper this week than last in a sign that investor sentiment towards the country’s banks is improving.
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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.