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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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Sumitomo Mitsui Banking Corporation has splashed out in euros, raising €1bn with a private club deal, its largest bond in the currency. -
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.
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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.
