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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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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.
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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.