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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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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.
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The Spanish sovereign and its financial institutions are unlikely to be frozen out of the debt markets even if Moody’s goes ahead and downgrades the country after on Wednesday putting its Aa1 rating on watch for downgrade. However, the move could prompt investors to tighten country limits causing widening secondary spreads.
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Moody’s potential downgrade of Spain is unlikely to freeze the sovereign and its financial institutions out of the debt markets, although it could encourage investors to tighten their country limits and lead to widening spreads in the secondary market, said MTN dealers on Wednesday.