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Higher rate expectations have sharply reduced the possibility of bonds being redeemed this year
Higher rates from the outbreak of the war have enhanced callable MTNs' yield appeal
Varied issuance in senior credit this week, including blue and green bonds, as ultra-long vanilla duration returns in SSA private placements
The winning institutions, deals and individuals revealed at our inaugural gala dinner in London
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In what could become a growing trend for the Italian FIG market, Intesa Sanpaolo sold a pair of identical Eu125m one year puttable floating rate notes through Crédit Agricole on Wednesday, after self-placing a similar Eu288m two year deal on Monday.
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Moody’s has assigned a provisional foreign currency rating of A3 to CIMB Bank’s proposed $1bn multi-currency EMTN programme. The signing of the programme would make CIMB the first Malaysian financial institution to tap the European MTN market, according to data from Dealogic.
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Improved investor sentiment towards Spanish and Italian banks last week shows no sign of abating, with Iberian financial institutions continuing to issue large pieces of commercial paper to meet sizeable upcoming maturities, despite a growing volatility in interest rate and money market futures driving some investors to the sidelines.
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FMS Wertmanagement, the German agency set up to manage the unwanted assets of Hyporealestate Group, has signed a Eu40bn multi-currency ECP programme, arranged by Royal Bank of Scotland. Meanwhile, Erste Abwicklungsanstalt, the bad bank agency for WestLB, is finalising an MTN programme, due to be launched in the next few days.
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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.