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Financial institutions triple issuance in the currency this year, while corporates make greater use of euro and sterling taps
Private taps offer issuers an alternative route through uncertain issuance windows due the Middle East conflict, bankers say
Higher coupons and steady rate expectations draw investors back into the currency
SSA issuers increase focus on PPs amid quieter period for public markets
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Issuers from out-of-favour jurisdictions had no problem accessing the European commercial paper market this week, as concerns about sovereign funding faded away.
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Allied Irish Banks issued its first private placement under the updated Irish government guarantee scheme this week and Bank of Ireland sold a lightly structured note under the guarantee, but dealers say that dented investor confidence is hampering sales of the product.
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Bank of Ireland made its structured debut under the Irish government’s new guarantee scheme this week, selling a large euro CMS linked deal, while interest rate structures in dollars dominated otherwise limited flows in the EMTN market this week.
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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