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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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Luxembourg bank Société Européene de Banque, part of Gruppo Intesa Sanpaolo, has set up a Eu30bn global euro commercial paper and certificate of deposit programme, carrying a direct and unconditional guarantee from Intesa Sanpaolo.
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Banco Espírito Santo printed Eu500m of three month paper this week. Such a big deal, a roll-over of maturing paper, left bankers curious about the buyer’s identity.
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Impending European regulation and potential rate hikes made bank MTNs fashionable among money market funds this week, with La Caixa, Intesa Sanpaolo, Crédit Agricole, Santander and Rabobank all placing deals with UK and European buyers.
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Libyan links have turned investors off Italian credits, CP bankers said this week. Investors have spent the past month stuffing themselves with Italian and Spanish bank CP but are now only interested in Spanish fare.
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Ravenous French money market investors starved of short end bank paper jumped on short dated private placements this week. Floating rate notes linked to Eonia (Euro Overnight Index Average) offered protection from short term rates volatility while puttable structures were also popular.
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A burst of activity from French money market funds allowed banks to sell short-maturity MTNs this week. Investors looking to protect themselves from short term rates volatility bought Eonia-linked notes while others bought puttable floating rate notes.