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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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Greek and Korean banks benefited from investors’ hunt for yield in the European commercial paper market this week. The spreads available from these issuers proved attractive to investors compared with those offered by higher-credit borrowers.
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Demand for unguaranteed paper from Irish banks grew this week as more details of the National Asset Management Agency bad bank scheme were released and the extension of the country’s government guarantee scheme to five years became even more likely.
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Jefferies & Co is aiming to take at least a 5% market share in European rate products sales and trading within the next 18 months, Domenico Crapanzano, the former Dresdner Kleinwort banker hired to build the business, told EuroWeek.
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Banks will wind down more of their asset backed commercial paper (ABCP) conduits because of Basle II guidelines on capital treatment, while others may restructure to survive, Fitch warned on Monday.
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The Australian banks were especially active in the private placement market this week — Westpac sold nine trades, Commonwealth Bank of Australia took four, ANZ Bank sold three and National Australia Bank completed two.
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Allied Irish Bank (AIB) sold a $1bn government guaranteed note via JPMorgan on Monday. The deal came hot on the heels of the Lloyds TSB government guaranteed trio last week worth more than $3bn equivalent.