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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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Equity linkers, CMS-linked notes and puttables proved popular among MTN investors this week although high levels of enquiry led to a comparatively small number of traded deals.
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Weak demand in European Central Bank tenders held this week provided cheer to some CP dealers, suggesting that banks are weaning themselves off central bank funding and looking instead to the market. But CP market participants are also watching closely to see how the consequent drop in bank liquidity will affect money market funding rates.
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MTN investors bought a succession of deals from borrowers at the riskier end of the credit spectrum, those surrounded by bad news flow and in unusual formats this week.
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Top tier Spanish banks traded promisingly in the CP market this week, with BBVA at the front of the pack after printing a chunky Eu820m in a single six month trade and Santander and Banesto not far behind.
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European commercial paper dealers expressed relief this week that a proposed liquidity coverage ratio (LCR) — part of the Basel 3 regulations — will not come into effect until 2015, with the next five years working as an observational period. But market participants expressed concern about the long term effects of the proposed regulation on the health of the CP market.
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Ireland’s government-run bad bank, the National Asset Management Agency (Nama) is finalising arrangements for a Eu2.5bn ECP programme, arranged by UBS.