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World Bank tops 2025 issuer rankings for private placements
Tight funding levels and an abundance of investor cash made for brisk MTN issuance in 2025. The story may change in 2026, with public market issuance named as one factor that could crowd out private placements. But a broadening Asian bid for MTNs offers hope for the market, writes Diana Bui
Investors show demand for short-dated FRNs from FIG and corporate credits in private and public formats
Aroundtown and Toyota tap private markets as public supply winds down
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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.