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World Bank tops 2025 issuer rankings for private placements
Tight funding levels and an abundance of investor cash made for brisk MTN issuance in 2025. The story may change in 2026, with public market issuance named as one factor that could crowd out private placements. But a broadening Asian bid for MTNs offers hope for the market, writes Diana Bui
Investors show demand for short-dated FRNs from FIG and corporate credits in private and public formats
Aroundtown and Toyota tap private markets as public supply winds down
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The structured note market showed signs of life this week even though many Asian investors were on holiday for Chinese New Year. The World Bank sold a chunky currency basket note while inflation linked notes, collared floaters, CMS notes and equity-linked deals also made an appearance.
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Issuers from out-of-favour jurisdictions had no problem accessing the European commercial paper market this week, as concerns about sovereign funding faded away.
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Allied Irish Banks issued its first private placement under the updated Irish government guarantee scheme this week and Bank of Ireland sold a lightly structured note under the guarantee, but dealers say that dented investor confidence is hampering sales of the product.
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Bank of Ireland made its structured debut under the Irish government’s new guarantee scheme this week, selling a large euro CMS linked deal, while interest rate structures in dollars dominated otherwise limited flows in the EMTN market this week.
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AIB Mortgage Bank, the Allied Irish covered bond issuing entity, issued a Eu2bn eight year floating rate note on Wednesday, reviving issuance of deals that are likely to be used for repo funding with the European Central Bank.
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Crédit Agricole sold a ¥23.5bn ($26m) five year fixed rate note via Calyon on Thursday — the borrower’s largest yen trade to date, according to Dealogic data. The par-priced note pays a 1% coupon.