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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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Fears that Spain would become the next victim of the sovereign debt crisis meant that the country’s banks that wished to place European commercial paper had to pay up to do so, and even then they faced hostile market conditions, said dealers in London.
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BBVA’s success in European commercial paper this week squarely contradicts Monday’s complaints from its chairman Francisco González of a lack of market access, though the bank has increased its flexibility in the money markets. -
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.
