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PIF's commercial paper programmes have been rated by S&P
EDF and Mowi tapped private placements in their home currencies
SSA issuers extend their hot run in the private market, crowding into the short end of the curve
Banks crowd the short end in another busy week for private placements
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Standard Bank, the P2/F2 South African issuer, inked a $1bn European commercial paper programme. But dealers say yields must be higher to lure investors.
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The Financial Services Authority (FSA) has found "significant advice failings" and "serious deficiencies in the marketing literature" in the sales of Lehman-backed structured products in most of the 157 sales it reviewed involving 11 firms. Three plan managers have been put into administration because of the potential consequences of the findings.
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Banks issued a flurry of long-dated trades in the European commercial paper market early in the week, despite a slow week generally because of the month end. On Tuesday in particular, bank paper comprised 81% of the day’s $14.4bn equivalent of issuance.
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Standard Bank, the P2/F2 South African issuer, has signed a $1bn European commercial paper programme but dealers said it will need to offer high yields in order attract investors.
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Greek and Korean banks benefited from investors’ hunt for yield in the European commercial paper market this week. The spreads available from these issuers proved attractive to investors compared with those offered by higher-credit borrowers.
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Demand for unguaranteed paper from Irish banks grew this week as more details of the National Asset Management Agency bad bank scheme were released and the extension of the country’s government guarantee scheme to five years became even more likely.