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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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Volatility in funding levels showed signs of stabilising this week, as the rise in short term euro lending rates began to level off — a development which has begun to draw CP investors back to the market.
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Banca Popolare di Vicenza sold its biggest privately placed bond since 2005 on Tuesday, in its first outing in the private placement market since March.
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Italy’s Banca Popolare di Vicenza sold a Eu155m floating rate note on Tuesday — its largest private placed bond since 2005 and its first outing in the market since March.
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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.