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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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Ravenous French money market investors starved of short end bank paper jumped on short dated private placements this week. Floating rate notes linked to Eonia (Euro Overnight Index Average) offered protection from short term rates volatility while puttable structures were also popular.
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A burst of activity from French money market funds allowed banks to sell short-maturity MTNs this week. Investors looking to protect themselves from short term rates volatility bought Eonia-linked notes while others bought puttable floating rate notes.
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Favourable euro/dollar and euro/sterling basis swaps kept issuers and investors happy this week, as financial institutions offered juicy yields on short dated dollar and sterling denominated paper at cheaper all-in costs.
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Caja Madrid this week took advantage of increased demand, particularly from French money market investors, flooding the market with Eu522m of issuance in three to six month maturities, against only $90.44m equivalent in maturing trades, according to Dealogic.
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Banque Fédérative du Crédit Mutuel and Intesa Sanpaolo were among the banks to issue CMS-linked notes this week. Demand for the product, mostly from French and other European insurance companies, has increased steadily since the start of the year, said dealers.
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Erste Abwicklungsanstalt, the wind-down agency for WestLB’s unwanted assets, has signed a Eu20bn multi-currency EMTN debt issuance programme and plans to attract investors by offering a premium over comparable borrowers.