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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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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.
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Favourable euro/dollar and euro/sterling basis swaps kept issuers and investors happy this week, as financial institutions offered juicy yields on short dated dollar and sterling denominated paper at cheaper all-in costs.