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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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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.
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Despite bankers and borrowers downplaying a ratings downgrade warning this week, Portuguese banks have begun scoping out fresh fundraising avenues beyond wholesale public markets.
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Investors in non-Japan Asia, as well as from Africa and the Middle East, drove demand for dollar callable range accruals from double-A rated banks in Europe and Australia, as a sell-off in US swap rates allowed higher returns on these trades. The sell-off also drove demand for 30 year zero coupon callables.