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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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A busy public bond market, combined with an abnormally wide gap between public and private pricing levels, is keeping demand for financial institution MTNs lower than usual for this time of year, despite improved investor sentiment.
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Italian and Spanish banks benefited this week from an improved tone in the CP market and were able to print larger three month deals than in recent weeks — a development that dealers described as encouraging. But a wall of maturities approaching next week will prove a test of the depth of liquidity for these credits.
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A high level of activity in the public bond market, combined with an abnormally wide gap between public and private pricing levels, is keeping demand for FIG MTNs lower than usual for the time of year.
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Italian and Spanish banks have benefited from an improved market tone and have been able to print larger three-month CP deals than in recent weeks — a development that dealers described as encouraging.
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In spite of an improved market tone on Monday morning, MTN dealflow from FIG issuers is likely to be stunted as the market continues to be overshadowed by heavy public issuance — not helped by a disconnect between the prices that issuers are posting for the public market and less attractive levels for private placements.
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The increased popularity of covered bonds since the start of the year led to several private placements for FIG issuers this week, while market volatility and low rates spurred issuance of simple structures.