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Financial institutions triple issuance in the currency this year, while corporates make greater use of euro and sterling taps
Private taps offer issuers an alternative route through uncertain issuance windows due the Middle East conflict, bankers say
Higher coupons and steady rate expectations draw investors back into the currency
SSA issuers increase focus on PPs amid quieter period for public markets
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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.
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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.