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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
Aroundtown and Toyota tap private markets as public supply winds down
GlobalCapital is pleased to announce the shortlist for its inaugural MTN Awards
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The European commercial paper market showed signs of health this week as CP dealers described the market as "balanced" with encouraging levels of trading in all sectors.
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Maturities lengthened in the European commercial paper market this week as well-funded issuers tightened their short spreads, forcing investors to seek yield in longer dated tickets.
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Lloyds TSB Bank sold a £250m government guaranteed FRN via Credit Suisse on Wednesday. The deal is the issuer’s largest guaranteed note since May and stood out at a time when banks’ guaranteed MTN issuance is diminishing.
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Banco Santander Totta, Banesto Financial Products and Caisse Centrale du Crédit Immobilier de France all sold puttable euro FRNs this week. Demand for this type of product is strong but there is scant supply because few issuers find the instruments attractive.
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Fitch threw into doubt its participation in the structured MTN market when it said this week that it is reviewing its approach to rating bank-issued notes with embedded market risk, and has placed a moratorium on issuing new ratings for the products during the review period.
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Banca Carige sold its first EMTN in over a year on Monday, a Eu100m lower tier two bond, showing that investors are beginning to rediscover their appetite for subordinated private placements.