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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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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.
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The Reserve Bank of New Zealand announced on Tuesday the withdrawal of its last remaining liquidity facility put in place during the financial crisis.
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Investors in the CP market this week turned to triple-A names from Scandinavia, Australia, France and Germany and shunned riskier credits as peripheral popularity plummeted. Elsewhere, banks took up just Eu12.5bn of financing from a European Central Bank tender operation on Thursday as Eu37.5bn of funding fell due, indicating Spanish and Portuguese banks are reducing their central bank funding.