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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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Spreads in the European commercial paper market tightened across the board this week as issuers pulled away from the market but demand continued to increase. And dealers expect little to change in the short term as already well funded issuers focus less on short term funding.
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A surge of large vanilla dollar trades for high quality credits energised the MTN market this week. The trades showed that while investor confidence is returning and there has been a shift away from government guaranteed debt, strong demand exists for highly rated paper in quality currencies.
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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.