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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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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.
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Holders of financial institution commercial paper remained calm in spite of the worsening European sovereign crisis this week. On Tuesday morning many markets were in the red but short term investors stuck to their bank holdings and did not look to sell, according to CP dealers.
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Demand for bank commercial paper held up this week, in spite of fears over some banks’ exposures to peripheral sovereigns. However buyers are being selective, depending on geography.