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Higher rate expectations have sharply reduced the possibility of bonds being redeemed this year
Higher rates from the outbreak of the war have enhanced callable MTNs' yield appeal
Varied issuance in senior credit this week, including blue and green bonds, as ultra-long vanilla duration returns in SSA private placements
The winning institutions, deals and individuals revealed at our inaugural gala dinner in London
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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.
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Demand for unguaranteed paper from Irish banks grew this week as more details of the National Asset Management Agency bad bank scheme were released and the extension of the country’s government guarantee scheme to five years became even more likely.
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Jefferies & Co is aiming to take at least a 5% market share in European rate products sales and trading within the next 18 months, Domenico Crapanzano, the former Dresdner Kleinwort banker hired to build the business, told EuroWeek.
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Banks will wind down more of their asset backed commercial paper (ABCP) conduits because of Basle II guidelines on capital treatment, while others may restructure to survive, Fitch warned on Monday.