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Investors seek structured and vanilla FRNs from credit and SSA issuers amid sharp rate fluctuations
Higher dollar yields dampen some of the callable demand
Hong Kong dollars continue to develop into a mainstream funding currency for SSAs
Ex-Crédit Agricole banker to be based in Paris
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Investors bought floored floating rate MTNs from bank borrowers this week, in the face of widely expected interest rate hikes. The notes offers protection from rates volatility, but investors have sacrificed yield for stability of return.
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Bank outstandings in euro commercial paper have dropped to their lowest quarter-end level since the end of 2002, as investors eschew the asset class and regulators push financial institutions towards longer term funding.
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Finland’s Aktia Bank has launched a Eu1bn EMTN programme to complement its retail deposit and covered bond funding strategy and help bring it into line with Basel III funding regulations.
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Finnish financial institution Aktia Bank has launched a Eu1bn EMTN programme to complement its retail deposit and covered bond funding strategy and help bring it into line with Basel III funding regulations.
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South African financial institution FirstRand Bank sold a £30.5m 10 year discounted floating rate note through Rand Merchant Bank on Tuesday.
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Spanish, Italian and even Portuguese and Greek banks produced impressive deals this week, with some buyers pushing out their maturities as far as one year, despite a drop in overall CP volumes. Meanwhile, money market funds turned towards floating rate paper in the run-up to widely expected central bank rate rises.