GLOBALCAPITAL INTERNATIONAL LIMITED, a company

incorporated in England and Wales (company number 15236213),

having its registered office at 4 Bouverie Street, London, UK, EC4Y 8AX

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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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  • US money market funds' allocations to European banks are at their highest level since September 2011, according to a Moody’s report. But the funds are starting to put their money into bonds rather than commercial paper.
  • Banks are expected to print more three to five year floating rate private placements in the coming weeks as investors seek protection against expected rates rises. The format has been popular in the public market, but despite a spate of deals investor thirst has not been quenched and they are turning to the private placement market to find more paper.
  • US money market funds allocations to European banks are at their highest figure since September 2011, according to a Moody’s report. But the funds are putting their money into bonds rather than commercial paper.
  • Demand for bank private placements has surged in recent weeks despite borrowers maintaining aggressive levels, according to medium term note dealers. The banks are expected to sell a spate of deals next week as they hope to take advantage of the demand before the Easter holidays.
  • Investors are hunting Banca Popolare di Vicenza’s private placements, according to MTN dealers. Demand from overseas investors has increased since the success of its public deal in January.
  • MTN issuers have had a lot of grief updating their EMTN programmes this year as they deal with the impact of the changes to the EU Prospectus Directive, according to MTN dealers. But those who put in the effort will reap the rewards as investors are hunting structured notes.