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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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Suncorp-Metway raised $500m on the back of two year government guaranteed demand on Wednesday. It sold a pair of $250m FRNs via Deutsche Bank. The par-priced notes pay 25bp over three month dollar Libor.
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Large dollar floating rate notes dominated the market this week as a spectrum of issuers including DnB NOR, KBN, Kommunekredit, BMW and Caisse des Dépôts et Consignations (CDC) sold notes of this type.
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Demand for non-government guaranteed vanilla financial institution bonds was evident this week as investors sought better yields than can be found by buying SSA paper.
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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.