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Higher rate expectations have sharply reduced the possibility of bonds being redeemed this year
Higher rates from the outbreak of the war have enhanced callable MTNs' yield appeal
Varied issuance in senior credit this week, including blue and green bonds, as ultra-long vanilla duration returns in SSA private placements
The winning institutions, deals and individuals revealed at our inaugural gala dinner in London
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Lloyds TSB stormed bank into the MTN market this week with several chunky floaters and structured notes. It had been absent from the market since mid-February thanks first to a blackout period and then it updated its programme documents.
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SNS Bank staged a return to the MTN market this week selling a pair of inflation-linked notes via BNP Paribas. But dealers in the market remained split about whether a glut of similar deals might follow.
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Lloyds updated its funding levels after coming out of its blackout period. But despite increasing its levels by 5bp across its curve for vanilla products, dealers and investors were more interested in its updated and widened structured funding levels.
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Investor interest in the Irish banks gained momentum this week, as Irish Life and Permanent sold its first deal under the updated Irish government guarantee scheme — a Eu20m inflation linker via Citi — and Bank of Ireland issued a further four notes under the guarantee.
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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.