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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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DnB NOR Bank sold the largest third party-issued CMS-linked trade of the year on Thursday. The Norwegians took home Eu161.5m of 12 year paper in a week where there was a steady flow of big medium to long term euro and sterling issuance.
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Anglo Irish Bank sold a Skr1bn ($150m) senior unsecured MTN via Swedbank late on Friday. The two year government guaranteed deal is the bank’s first venture into the bond markets since August, when it sold a Eu25m MTN.
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Short term euro funding rates rose again this week as banks vied for non-ECB funding. It was a move that pleased many CP investors and dealers as it was seen as heralding a return to normalised funding levels.
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Allied Irish Banks impressed last Friday (October 1) when it placed a Eu100m five year semi-annually puttable floating rate note through JPMorgan, achieving a first coupon of just 85bp over six month Euribor.
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Volatility continued this week in short term euro funding rates, with Euribor reaching highs for the year. This was despite a boost to excess bank liquidity in the ECB’s weekly tender operation on Tuesday.
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JPMorgan impressed MTN dealers on Friday when it placed a Eu100m five year semi-annually puttable FRN for Allied Irish Banks, achieving a first coupon of just 85bp over six month Euribor.