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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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Volatility in the dollar euro basis swap and credit fears this week created opportunities for Asian buyers to snap up European SSA dollar denominated commercial paper. Meanwhile, the European sovereign crisis crushed demand for names from the European periphery.
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Sovereign, supranational and agency issuers dominated the MTN market this week along with highly rated banks, as investors remained cautious because of uncertainty over peripheral sovereign credit.
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Banks in peripheral countries are becoming increasingly reliant on short term funding from the European Central Bank, according to research published by Morgan Stanley on Tuesday. This increasingly bifurcated European banking system could dramatically widen the gap between benchmark overnight and longer term money market lending rates.
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The potential EU and IMF-led bailout for Ireland’s banks brought a degree of calm to the European MTN market on Thursday, although dealers said it will be some time before investor appetite returns for Irish issuance.
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FIG issuance in the MTN market was dominated by quality European banks this week, as investors turned away from peripheral credits and looked for safe havens and dependable names. The market has begun to slow, however, as the end of the year approaches.
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Banks in core European countries performed well in the ECP market this week, while financial institutions from peripheral states continued to suffer in the wake of uncertainty over Ireland’s future.