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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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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.
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MTN investors bought a succession of deals from borrowers at the riskier end of the credit spectrum, those surrounded by bad news flow and in unusual formats this week.
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Top tier Spanish banks traded promisingly in the CP market this week, with BBVA at the front of the pack after printing a chunky Eu820m in a single six month trade and Santander and Banesto not far behind.