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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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Peripheral banks found strong demand for their commercial paper this week despite the prospect of a Greek default becoming more likely. Elsewhere buyers were keen to extend maturities in search of yield and pushed for longer dated paper from European banks.
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Banks in southern Europe impressed dealers by being selective about the pricing of their commercial paper on Thursday, despite mounting fears over the Greek debt crisis.
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Rarer names shone this week as investors looked to find new borrowers to buy. Banks such as Emirates NBD and Sparebank 1 Nord Norge were among those to issue.
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Vorarlberger Landes-und Hypotheken Bank sold a rare puttable note on Tuesday — its first senior unsecured puttable and only its second deal in the structure.
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Peripheral banks printed impressive sizes of commercial paper this week. Spain’s BBVA sold a $1.8bn one month piece on Wednesday, while EFG Hellas printed Eu454m of seven day notes.
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Flying in the face of Standard & Poor’s cutting Italy’s sovereign rating to negative outlook, UBI Banca printed a Eu50m floating rate note through Deutsche Bank on Tuesday, the issuer’s first third-party MTN since December 2009.