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◆ Gulf issuers turn to private markets ◆ Public sector and corporate borrowers to bring forward plans ◆ Banks re-enter covered and unsecured funding markets
Easter holidays and Middle East volatility subdued regular private placement activity though Gulf states step up private funding
Third trip this year to private placements for the Swedish truckmaker
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The MTN market has had a tough year, as central bank support programmes and rampant public market issuance ate away at the volume done in private markets. Most notable was the 42% decline in bank issuance, which made up the majority of the year’s fall in MTN volume. -
Credit Suisse this week launched its inaugural structured note with a green use of proceeds. Interest in ESG-linked issuance is growing, with an increasing number of retail clients looking to invest in the product.
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Intesa Sanpaolo paid a visit to the MTN market this week to print a rare, privately placed tier two deal in euros.
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Banks were busy issuing sub-benchmark sized deals in the euro public market last week, prompting several issuers to follow suit in the MTN market.
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Nordic banks are likely to focus on smaller private placements for the rest of the year, with many already having enough liquidity that they do not need to print new benchmarks.
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The Euro Short Term Rate (€STR) hit a record low on Wednesday as the latest round of TLTRO funding raised liquidity in the banking system. If €STR is to settle at this new low, it could impact commercial paper funds as investors withdraw in search of higher yields.
