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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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The American Securitization Forum has said that the Basel Committee on Banking Supervision’s liquidity risk proposals would damage asset-backed commercial paper and harm corporations and small businesses if implemented.
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Money market investors stormed into MTNs this week buying short-dated euro FRNs from a range of European financial names. Bank treasuries, money market funds and private banks bought several chunky euro floaters.
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Spanish and Portuguese banks and the Republic of Portugal widened their spreads in the European commercial paper market this week, a strategy that enabled them to issue large volumes at long maturities despite negative market sentiment.
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Allied Irish Banks has followed Bank of Ireland and started posting levels for unguaranteed as well as guaranteed issuance in the European commercial paper market.
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UniCredit issued a Eu50m 11 year lower tier two fixed rate note via Morgan Stanley on Tuesday following huge demand for a similar subordinated trade from Banca Monte dei Paschi di Sienna (MPS) in the public bond market which saw many accounts scaled back.
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Commonwealth Bank of Australia issued a $100m dual barrier range accrual via Royal Bank of Scotland on Tuesday in the joint largest range accrual of the year so far.