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Tight funding levels and an abundance of investor cash made for brisk MTN issuance in 2025. The story may change in 2026, with public market issuance named as one factor that could crowd out private placements. But a broadening Asian bid for MTNs offers hope for the market, writes Diana Bui
Investors show demand for short-dated FRNs from FIG and corporate credits in private and public formats
Aroundtown and Toyota tap private markets as public supply winds down
GlobalCapital is pleased to announce the shortlist for its inaugural MTN Awards
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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.
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Finland’s Aktia Bank has launched a Eu1bn EMTN programme to complement its retail deposit and covered bond funding strategy and help bring it into line with Basel III funding regulations.