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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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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.
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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.