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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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AIB Mortgage Bank, the Allied Irish covered bond issuing entity, issued a Eu2bn eight year floating rate note on Wednesday, reviving issuance of deals that are likely to be used for repo funding with the European Central Bank.
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Crédit Agricole sold a ¥23.5bn ($26m) five year fixed rate note via Calyon on Thursday — the borrower’s largest yen trade to date, according to Dealogic data. The par-priced note pays a 1% coupon.
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Commonwealth Bank of Australia powered into 2010 selling four callable range accruals and four fixed rate notes this week
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UBS has self-placed a trio of volatility bonds linked to UBS’s V10 proprietary index over the past month. The volatility index comprises 10 quality currency pairs. In each, the dollar is paired with: Australian dollars, Canadian dollars, euros, New Zealand dollars, Swiss francs, sterling, yen, Norwegian kroner, Swedish kronor and dollars.
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Financial issuers were able to issue at longer maturities than normal in the European commercial paper market this week. Dealers said the phenomenon was likely driven by investors seeking better yields.
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Callable residual maturity swap, constant maturity swap and Libor range accruals continued in popularity this week as rates remained close to the highest of this quarter — this week 10 year swaps reached a level not seen since mid-October.