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PIF's commercial paper programmes have been rated by S&P
EDF and Mowi tapped private placements in their home currencies
SSA issuers extend their hot run in the private market, crowding into the short end of the curve
Banks crowd the short end in another busy week for private placements
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Financial institutions from peripheral European countries are being driven to issuing puttable floating rate notes as investors remain reluctant to buy notes that force them to stay locked in for longer.
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Several financial issuers paid higher than normal spreads in the European commercial paper market this week to avoid liquidity problems. Dealers said the bargaining power sits with investors for most issues at the moment.
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UniCredit sold a Eu50m 10 year fixed rate lower tier two private placement via Natixis on Monday.
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BBVA and Banesto sold some large tickets in the European commercial paper market this week, as the bank sector increased its presence.
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Volatile markets left financial and corporate names struggling to get European commercial paper issues away this week, but triple-A borrowers benefited. Some money market funds have already pulled out of the ECP market, while continuing uncertainty leads these important buyers to expect further withdrawals.
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Flows of Spanish bank paper in the European commercial paper market have yet to recover fully, despite actions by authorities to stem market panic, though the market’s tone has improved.