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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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Anglo Irish Bank and Icelandic energy company Landsvirkjun both tapped demand in the MTN market this week amid volatility in peripheral credits, providing further evidence of the borrowers’ resurgence in the credit markets.
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Banks took up Eu42.47bn of 91 day paper in the European Central Bank’s long term refinancing operation on Wednesday, more than was expected and a move which brought an improvement to market tone.
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DnB NOR Bank sold the largest third party-issued CMS-linked trade of the year on Thursday. The Norwegians took home Eu161.5m of 12 year paper in a week where there was a steady flow of big medium to long term euro and sterling issuance.
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Anglo Irish Bank sold a Skr1bn ($150m) senior unsecured MTN via Swedbank late on Friday. The two year government guaranteed deal is the bank’s first venture into the bond markets since August, when it sold a Eu25m MTN.
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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.