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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 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.
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The European extendable FRN market grew again this week as a new issuer and a new dealer made their debuts. Anglo Irish Bank sold a Eu175m issue via Barclays Capital, the first issue for both in this format.