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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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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.
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European commercial paper dealers expressed relief this week that a proposed liquidity coverage ratio (LCR) — part of the Basel 3 regulations — will not come into effect until 2015, with the next five years working as an observational period. But market participants expressed concern about the long term effects of the proposed regulation on the health of the CP market.
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Ireland’s government-run bad bank, the National Asset Management Agency (Nama) is finalising arrangements for a Eu2.5bn ECP programme, arranged by UBS.
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Banco Santander stepped up its presence among MTN dealers this week, making it one of a host of investment banks building up a structured note capability even as established banks bemoan a lack flow business.