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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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Financial sector borrowers increased their sterling issuance into the European commercial paper market further this week. There was also some interest in lower rated banks while demand for corporates remained robust.
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SNS Bank, the Dutch retail bank, sold its first private placement for over six months on Wednesday: a Eu15m one year and five month fixed rate note via Nomura. The par-priced deal pays a 1.8% coupon.
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Standard Bank, the P2/F2 South African issuer, inked a $1bn European commercial paper programme. But dealers say yields must be higher to lure investors.
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The Financial Services Authority (FSA) has found "significant advice failings" and "serious deficiencies in the marketing literature" in the sales of Lehman-backed structured products in most of the 157 sales it reviewed involving 11 firms. Three plan managers have been put into administration because of the potential consequences of the findings.
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Banks issued a flurry of long-dated trades in the European commercial paper market early in the week, despite a slow week generally because of the month end. On Tuesday in particular, bank paper comprised 81% of the day’s $14.4bn equivalent of issuance.
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Standard Bank, the P2/F2 South African issuer, has signed a $1bn European commercial paper programme but dealers said it will need to offer high yields in order attract investors.