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Higher rate expectations have sharply reduced the possibility of bonds being redeemed this year
Higher rates from the outbreak of the war have enhanced callable MTNs' yield appeal
Varied issuance in senior credit this week, including blue and green bonds, as ultra-long vanilla duration returns in SSA private placements
The winning institutions, deals and individuals revealed at our inaugural gala dinner in London
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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.
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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.