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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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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.
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The European commercial paper market this week was little changed despite record short term lending by the European Central Bank pushing rates down further.
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The credit crisis caused by overheating in the US subprime mortgage market claimed its biggest victim this week, as the German government had to marshal the country’s banks into a consortium to rescue IKB Deutsche Industriebank.
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The extendable FRN product took another step towards mainstream acceptance this week, when Dexia Credit Local priced the first benchmark-sized deal from a third-party credit and Allied Irish Banks added deals in euros and sterling.
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The European extendable FRN market grew again this week as a new issuer and a new dealer made their debuts. Anglo Irish Bank sold a Eu175m issue via Barclays Capital, the first issue for both in this format.