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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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The Bank of England revealed details of its scheme to support the sterling asset backed commercial paper market this week but was greeted with a collective shrug of the shoulders from unimpressed structurers and dealers who gave the programme little hope of success.
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Spreads in the European commercial paper market tightened across the board this week as issuers pulled away from the market but demand continued to increase. And dealers expect little to change in the short term as already well funded issuers focus less on short term funding.
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A surge of large vanilla dollar trades for high quality credits energised the MTN market this week. The trades showed that while investor confidence is returning and there has been a shift away from government guaranteed debt, strong demand exists for highly rated paper in quality currencies.
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The European commercial paper market showed signs of health this week as CP dealers described the market as "balanced" with encouraging levels of trading in all sectors.
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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.