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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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Lloyds TSB Bank sold a trio of large three year government guaranteed notes this week: a $1.825bn self-placed deal, a $1.5bn note via JPMorgan and a Eu1bn deal via Citi.
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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.