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Financial institutions triple issuance in the currency this year, while corporates make greater use of euro and sterling taps
Private taps offer issuers an alternative route through uncertain issuance windows due the Middle East conflict, bankers say
Higher coupons and steady rate expectations draw investors back into the currency
SSA issuers increase focus on PPs amid quieter period for public markets
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Several financial issuers paid higher than normal spreads in the European commercial paper market this week to avoid liquidity problems. Dealers said the bargaining power sits with investors for most issues at the moment.
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UniCredit sold a Eu50m 10 year fixed rate lower tier two private placement via Natixis on Monday.
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BBVA and Banesto sold some large tickets in the European commercial paper market this week, as the bank sector increased its presence.
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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.