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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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Rabobank plans to add the ability to print listed commercial paper to its programme documentation, in response to investor demand. Listed CP is European Central Bank repo-eligible and so can be more liquid.
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Spanish and Italian banks printed some large pieces of commercial paper this week, but dealers believe the proof of increased market confidence in banks from these countries will be to what extent they can borrow at longer maturities.
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Sparebanken Vest sold its second MTN issue of the year on Tuesday, printing a Eu25m 18 month floating rate note through Barclays Capital.
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CP investors looked to buy paper at the short-end from Spanish and Italian banks because of volatility surrounding short term rates. They also bought northern European bank paper further out along the curve.
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Taiwanese life insurers diversified further away from 30 year multi-callable zero coupon deals this week, buying rare 20 year fixed rate deals — some with calls and some rare bullets — from Australian banks this week.
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Investors this week turned their attention to bank commercial paper as a tightened euro/dollar basis swap and excess of dollar liquidity made paper at the short-end from many sovereign, supranational and agency issuers more expensive.