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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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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.
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Leading investors in European banks’ commercial paper are cutting their exposures because of the Greek debt crisis.
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Leading investors in European banks’ commercial paper have been reducing their exposures because of the Greek debt crisis.
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While investors in US money market funds trim their exposure to European banks exposed to Greece, peripheral borrowers continue to trade well in the European commercial paper market, said CP dealers on Monday.