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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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Moody’s potential downgrade of Spain is unlikely to freeze the sovereign and its financial institutions out of the debt markets, although it could encourage investors to tighten their country limits and lead to widening spreads in the secondary market, said MTN dealers on Wednesday.
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Despite bankers and borrowers downplaying a ratings downgrade warning this week, Portuguese banks have begun scoping out fresh fundraising avenues beyond wholesale public markets.
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Investors in non-Japan Asia, as well as from Africa and the Middle East, drove demand for dollar callable range accruals from double-A rated banks in Europe and Australia, as a sell-off in US swap rates allowed higher returns on these trades. The sell-off also drove demand for 30 year zero coupon callables.
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Aareal Bank sold its first Hong Kong dollar denominated deal on Tuesday — a HK$220m ($28m) mortage-backed Pfandbrief placed with an Asian bank.
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The Republic of Portugal has defied market conditions by securing Eu50m of funding through a 10 year puttable FRN.
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Volatility in the dollar euro basis swap and credit fears this week created opportunities for Asian buyers to snap up European SSA dollar denominated commercial paper. Meanwhile, the European sovereign crisis crushed demand for names from the European periphery.