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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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An investor spotted the opportunity to get more for its money from Santander ahead of the European Central Bank’s Asset Quality Review last week, driving up the coupon on a privately placed MTN. The note has since attracted interest from investors away from the deal and been increased three times.
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Finansbank sold its fourth dollar denominated MTN on Monday as Turkish banks attract short-end investors with higher yields than their peers in other emerging markets such as India and China.
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The Securities and Exchange Commission has tried to cut the risk of runs in the money market fund industry by introducing liquidity fees and redemption gates. But as the Federal Reserve has just pointed out, by doing so it has done the opposite of what it intended, and made the funds more like banks.
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Crédit Agricole has adapted the documentation of its European asset backed commercial paper (ABCP) programme to enable it to issue floating rate structured notes, in what Moody’s said is the first such move by a bank sponsored conduit outside the US.
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Mitsubishi UFJ has hired a senior MTN dealer as head of medium term notes, the latest move in the company’s efforts to grow its MTN business.
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EMTN private placement activity has slowed since the European Central Bank cut rates on June 5, but flows are beginning to pick up as European investors and bankers adjust to the new environment and Japanese investors pick up their private placement activity.