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◆ First Hong Kong dollar public bond from an international bank ◆ Broader investor access and larger size than PPs customary in the market ◆ Provides attractive funding
Seasonal slowdown sees demand cluster in one to six year vanilla private placements
◆ First offshore deal in sterling since PRA debacle in April ◆ Canadian undersupply driving demand ◆ Euro still better despite the UK Treasury's equivalence plans
First international bank tier two in Hong Kong dollars since NAB’s club placement in 2023
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Nationwide Building Society has splashed out in the Hong Kong dollar market, selling its largest ever note in the currency. The deal comes amid a “revival” for the currency and as European financial issuers are “in vogue” in Hong Kong, but dealers are divided over whether more issuance is likely.
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Banque Fédérative du Crédit Mutuel has burst back into the market shortly after a summer blackout, raising €600m with a spree of floating rate medium term notes.
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August is on course to become 2015’s busiest month for bank medium term note issuance in sterling, as cash rich investors are drawn to positive spreads over quarterly Libor. -
China’s devaluation of its currency has halted private medium term note business in offshore renminbi after it led to a plunge in the renminbi/dollar swap rate. But when the basis swap stabilises issuance will return just as soon as investors readjust their yield targets, say MTN bankers.
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China’s devaluation of its currency has halted private medium term note business in offshore renminbi, say dealers, after it led to a plunge in the renminbi/dollar swap rate.
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Credit Suisse has poached a banker from Nomura for its FIG syndicate team, according to market sources.
