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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 has fired up the MTN printing press and is looking to do more business over the next couple of weeks having priced its first such deal in two years last week, according to bankers. But they warn that the issuer may need to widen its levels to attract investors.
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Money market funds snapped up two year paper from ABN Amro this week almost immediately after the bank came out of earnings blackout. -
Issuers have started to respond to a shift in asset allocation approaches from money market funds, with highly rated borrowers selling sub-one year covered notes and lower rated names contemplating entering the commercial paper market.
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European money market funds are beginning to buy covered bonds in the secondary market, according to analysts. Issuers are eager to tap the new investor base and are designing deals to suit the investors.
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Institutional investors are pulling their money out of money market funds (MMF) and looking to invest directly in lower rated banks and corporations. The change in behaviour is leading issuers to mull launching new commercial paper programmes, according to CP dealers.
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HSBC has lost a 17 year veteran of its private debt business to a rival firm in New York, GlobalCapital understands.
