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Ex-Credit Suisse banker joins for debt structuring job
Opportunistic covered deals unearth demand at the very short end
◆ Floaters find demand as new quarter begins ◆ Quiet public market paves way for semi-private placements
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An infrequent Swedish corporate issuer, a Nordic bank, and a German car manufacturer all placed floaters larger than Skr1bn ($106m) in the last week. Swedish krona bonds have been popular with both public and private issuers in recent weeks, as both issuers and investors rush to get business done before the traditional midsummer market closure. -
The head of the MTN desk at a major US bank is relocating from London to Paris.
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MTNs from Middle Eastern banks have flowed freely over the last week, with borrowers printing a range of currencies to take advantage of basis swap opportunities, amid little competition from European financials, say bankers.
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Swedish krona levels look attractive compared to euros, say bankers, leading to a raft of large deals being printed at the short end. Swedbank and Deutsche Pfandbriefbank both benefited from these levels when they printed covered bonds this week.
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Structured issuance in Formosa format has tumbled amid a wider decline in structured MTN volume year to date, which Dealogic data shows has fallen from $9.98bn across 213 trades at this point in 2018 to $5.08bn across 119 deals this year.
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Low market volatility, a fall in Formosa issuance and the introduction of alternative risk free rates have all led to a sharp decline in structured, callable and floating rate MTN issuance, said MTN bankers.
