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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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Banks in peripheral countries are becoming increasingly reliant on short term funding from the European Central Bank, according to research published by Morgan Stanley on Tuesday. This increasingly bifurcated European banking system could dramatically widen the gap between benchmark overnight and longer term money market lending rates.
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The potential EU and IMF-led bailout for Ireland’s banks brought a degree of calm to the European MTN market on Thursday, although dealers said it will be some time before investor appetite returns for Irish issuance.
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FIG issuance in the MTN market was dominated by quality European banks this week, as investors turned away from peripheral credits and looked for safe havens and dependable names. The market has begun to slow, however, as the end of the year approaches.
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Banks in core European countries performed well in the ECP market this week, while financial institutions from peripheral states continued to suffer in the wake of uncertainty over Ireland’s future.
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A potential EU and IMF-led bailout for Ireland’s banks brought a degree of calm to the European MTN market on Thursday, although dealers said it will be some time before investor appetite returns for Irish issuance.
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Uncertainty over whether Ireland will be forced to apply for a bailout is weighing heavily on the short-term money markets across Europe. Dealers have been reporting extremely low levels of demand for Irish bank paper in recent weeks, and although the Irish sovereign, the Housing Finance Agency and the National Treasury Management Agency have all issued in the past fortnight, the outlook is bleak in terms of enquiry for Irish paper.