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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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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. -
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.
