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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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Volatile markets left financial and corporate names struggling to get European commercial paper issues away this week, but triple-A borrowers benefited. Some money market funds have already pulled out of the ECP market, while continuing uncertainty leads these important buyers to expect further withdrawals.
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Flows of Spanish bank paper in the European commercial paper market have yet to recover fully, despite actions by authorities to stem market panic, though the market’s tone has improved.
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Argento, a new Lloyds TSB Bank asset backed commercial paper (ABCP) conduit, issued its first trades in the European commercial paper market this week.
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Crédit Agricole and Société Générale may be among European banks with the most at risk from the Greek crisis because of subsidiaries in that country, but MTN dealers say that this exposure is not hampering self-led trading of those names in the private placement market.
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Bankers in the European commercial paper market were hit with a wave of buyback requests for Iberian paper this week, though some issuers from the region were still able to sell tickets.
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Investors looked to dump Portuguese bank commercial paper on Wednesday morning, as the turmoil in the Greek government bond market spilled over into other European peripheral sovereigns.
