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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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Investors this week turned their attention to bank commercial paper as a tightened euro/dollar basis swap and excess of dollar liquidity made paper at the short-end from many sovereign, supranational and agency issuers more expensive.
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China Merchants Bank and Lloyds Banking Group tapped international private placement demand for exotic currencies with deals in Chinese renminbi and Indian rupees this week. Bank issuers, though, were in the main confined to vanilla short-dated floating rate notes, though Nordea Bank Finland printed a pair of longer dated covered bonds.
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Puttable structures were in vogue with bank issuers this week, as western European financial institutions proved that the product is not just for issuers in crisis.
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Banks sold almost double the amount of ECP maturing this week, as dollar and euro spreads came closer to converging. Meanwhile, dealers hope the ECB’s 25bp interest rate rise will convince investors to push out their maturities.
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Investors bought floored floating rate MTNs from bank borrowers this week, in the face of widely expected interest rate hikes. The notes offers protection from rates volatility, but investors have sacrificed yield for stability of return.
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Bank outstandings in euro commercial paper have dropped to their lowest quarter-end level since the end of 2002, as investors eschew the asset class and regulators push financial institutions towards longer term funding.