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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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BBVA will print more medium-term floating rate notes in the coming months after returning to the market with a €100m four year note, said MTN dealers. But the borrower’s second private placement of the year held an unusual 18 month tenor that has left dealers scratching their heads.
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Fleet management firm LeasePlan, which had been busy at the long end of the curve, sold a five year Norwegian krone MTN this week as it targets the three-to-five year segment amid a diversification push. Meanwhile, France's BPCE was active in Swedish kronor.
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LeasePlan’s goal to diversify its investor base and smooth its redemption profile means the issuer will target small private placements over the coming months. It has also been expanding its currency mix and sold its third ever deal in Norwegian kroner this week.
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A flurry of banks may print private placements in Swedish kronor in the coming weeks as Swedish investors look to diversify. BPCE benefited from that drive as it sold its third deal in the currency this week.
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Investors in privately placed MTNs are searching far and wide for yield. Bank issuers from Asia and the eurozone periphery are finding strong demand and will send a spate of notes in the coming weeks, medium term note dealers say.
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Financial institutions normally focus their private placement deals on core currencies — euros and dollars — but BPCE has been busy diversifying over the past weeks and its European peers should follow the bank’s initiative.