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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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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.
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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.