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Financial institutions triple issuance in the currency this year, while corporates make greater use of euro and sterling taps
Private taps offer issuers an alternative route through uncertain issuance windows due the Middle East conflict, bankers say
Higher coupons and steady rate expectations draw investors back into the currency
SSA issuers increase focus on PPs amid quieter period for public markets
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Fitch Ratings has resumed its coverage of structured MTNs after briefly halting the practice because of worries investors could confuse its opinions on credit with the market risk of embedded derivatives.
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Investors have again become comfortable with asset backed commercial paper, but issuers’ reluctance is keeping issuance down, according to panellists at a Moody’s ABCP conference in London on Thursday.
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Bank of Ireland sold its first non-government guaranteed note of the year this week, a $10m 10 year fixed rate trade via Deutsche Bank.
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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.