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PIF's commercial paper programmes have been rated by S&P
EDF and Mowi tapped private placements in their home currencies
SSA issuers extend their hot run in the private market, crowding into the short end of the curve
Banks crowd the short end in another busy week for private placements
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Despite the release of details of the Irish government’s National Asset Management Agency in mid-September, private placement enquiry for senior unsecured notes from the country’s banks remains light.
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Suncorp-Metway raised $500m on the back of two year government guaranteed demand on Wednesday. It sold a pair of $250m FRNs via Deutsche Bank. The par-priced notes pay 25bp over three month dollar Libor.
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Large dollar floating rate notes dominated the market this week as a spectrum of issuers including DnB NOR, KBN, Kommunekredit, BMW and Caisse des Dépôts et Consignations (CDC) sold notes of this type.
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Demand for non-government guaranteed vanilla financial institution bonds was evident this week as investors sought better yields than can be found by buying SSA paper.
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The Bank of England revealed details of its scheme to support the sterling asset backed commercial paper market this week but was greeted with a collective shrug of the shoulders from unimpressed structurers and dealers who gave the programme little hope of success.
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Spreads in the European commercial paper market tightened across the board this week as issuers pulled away from the market but demand continued to increase. And dealers expect little to change in the short term as already well funded issuers focus less on short term funding.