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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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Sovereign, supranational and agency issuers dominated the MTN market this week along with highly rated banks, as investors remained cautious because of uncertainty over peripheral sovereign credit.
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Banks in peripheral countries are becoming increasingly reliant on short term funding from the European Central Bank, according to research published by Morgan Stanley on Tuesday. This increasingly bifurcated European banking system could dramatically widen the gap between benchmark overnight and longer term money market lending rates.
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The 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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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.