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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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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.
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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.