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PIF's commercial paper programmes have been rated by S&P
EDF and Mowi tapped private placements in their home currencies
SSA issuers extend their hot run in the private market, crowding into the short end of the curve
Banks crowd the short end in another busy week for private placements
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Corporate, FIG and SSA issuers placed floating rate notes this week, pegged to Euribor, Sonia and Libor. With so many issuers coming to market, bankers are interested to see which other borrowers 'take advantage of the liquidity'. -
Fitch Ratings has downgraded Metro Bank a month after giving the UK lender its first rating. It expressed concern about Metro’s recent failure to raise debt for looming regulatory requirements, but the bank is insisting that it still has plenty of options on the table — including looking at solutions in the private market.
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Westpac placed just under HK$13.4bn into the Hong Kong market across two MTNs last week — the pair of bonds are its largest ever in the currency, according to Dealogic. The notes came in a busy week for niche issuance, and bankers have posited that this move into the peripheral markets comes as a response to the global fall in yields.
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Issuance is starting to resume after the summer break; however, this week a booming public market drew away investor and issuer attention from MTNs. Despite this, a range of established SSA, FIG and corporate borrowers have slipped in, with deals across core, niche and EM currencies.
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Volumes are growing across the spectrum in the Scandinavian MTN markets, as issuers and bankers return from their summer holidays. Meanwhile, bankers are expecting Scandinavian investors to move further out along the credit curve in response to negative yields as dovish Nordic central bank tones could lead to a bullish Scandinavian market.
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The World Bank placed its first Hong Kong dollar deal of its 2019/2020 funding year last week. The supranational chose to link the private placement to the Hibor benchmark, a now little seen structure that was likely the result of a "very specific enquiry", according to one MTN banker away from the deal.
