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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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Lloyds updated its funding levels after coming out of its blackout period. But despite increasing its levels by 5bp across its curve for vanilla products, dealers and investors were more interested in its updated and widened structured funding levels.
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Investor interest in the Irish banks gained momentum this week, as Irish Life and Permanent sold its first deal under the updated Irish government guarantee scheme — a Eu20m inflation linker via Citi — and Bank of Ireland issued a further four notes under the guarantee.
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The structured note market showed signs of life this week even though many Asian investors were on holiday for Chinese New Year. The World Bank sold a chunky currency basket note while inflation linked notes, collared floaters, CMS notes and equity-linked deals also made an appearance.
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Issuers from out-of-favour jurisdictions had no problem accessing the European commercial paper market this week, as concerns about sovereign funding faded away.
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Allied Irish Banks issued its first private placement under the updated Irish government guarantee scheme this week and Bank of Ireland sold a lightly structured note under the guarantee, but dealers say that dented investor confidence is hampering sales of the product.
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Bank of Ireland made its structured debut under the Irish government’s new guarantee scheme this week, selling a large euro CMS linked deal, while interest rate structures in dollars dominated otherwise limited flows in the EMTN market this week.