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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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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.
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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.