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Higher rate expectations have sharply reduced the possibility of bonds being redeemed this year
Higher rates from the outbreak of the war have enhanced callable MTNs' yield appeal
Varied issuance in senior credit this week, including blue and green bonds, as ultra-long vanilla duration returns in SSA private placements
The winning institutions, deals and individuals revealed at our inaugural gala dinner in London
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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.
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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.