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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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Commonwealth Bank of Australia sold a Eu100m 10 year bullet equity-linked note via BNP Paribas this week. The note pays a coupon of 7% for the first two years, and redeems at par plus the performance, if positive, of the Dow Jones Euro Stoxx 50 Index.
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Standard & Poor’s said on Thursday that it will no longer rate obligations with variable principal payments linked to commodity prices or equity prices, or to indices linked to either of the two.
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EBS Mortgage Finance, a subsidiary of EBS Building Society, sold a Eu50m five year fixed to floating rate asset covered security via Credit Suisse on Wednesday. The deal pays a 4% coupon for the first two years, then 121bp over three month Euribor capped at 5.5%.
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Fitch Ratings has resumed its coverage of structured MTNs after briefly halting the practice because of worries investors could confuse its opinions on credit with the market risk of embedded derivatives.
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Investors have again become comfortable with asset backed commercial paper, but issuers’ reluctance is keeping issuance down, according to panellists at a Moody’s ABCP conference in London on Thursday.
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Bank of Ireland sold its first non-government guaranteed note of the year this week, a $10m 10 year fixed rate trade via Deutsche Bank.