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Front end floaters fly for auto names in private placement format
World Bank tops 2025 issuer rankings for private placements
Tight funding levels and an abundance of investor cash made for brisk MTN issuance in 2025. The story may change in 2026, with public market issuance named as one factor that could crowd out private placements. But a broadening Asian bid for MTNs offers hope for the market, writes Diana Bui
Investors show demand for short-dated FRNs from FIG and corporate credits in private and public formats
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SNS Bank, the Dutch retail bank, sold its first private placement for over six months on Wednesday: a Eu15m one year and five month fixed rate note via Nomura. The par-priced deal pays a 1.8% coupon.
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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.