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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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Three SSA borrowers issued a total of £200m ($255m) of medium-term notes in response to an inquiry for three year non-call one fixed rate sterling bonds on Tuesday — which probably all sold to the same buyer — amid an uptick of paper in the currency. -
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.
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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.
