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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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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.
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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.