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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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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.
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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.