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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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Tightening of the basis swap between dollars and euros led top-flight sovereign, supranational and agency issuers to take a back seat in the CP market towards the end of the week.
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Mediocredito Investitionsbank has renewed its Eu1bn MTN programme, arranged by Banca IMI. The Italian issuer signed the new programme on Tuesday, but will most probably wait until the second half of 2011 to issue, according to a senior funding official.
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Bank issuers in the commercial paper market are facing increased pressure from sovereigns, supranationals and agencies, which are able to offer more attractive returns, say dealers.
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BayernLB has set up its first asset backed commercial paper conduit since the asset class fell out of favour in the credit crisis of 2007, alongside a thawing of investor sentiment towards asset backed paper.
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A growing gap between the pricing of short term Spanish government debt and that of its banks worried CP dealers this week after the Kingdom of Spain sold Eu1.99bn of one year paper in a Treasury bill auction on Tuesday.
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Financial institutions are likely to look to the covered bond market to roll upcoming government guaranteed maturities in 2011, MTN dealers said this week. However, sovereign risk continues to worry SSA issuers.