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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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The European Central Bank moved its deposit rate into negative territory on Thursday. Such a move is unlikely to boost lending to the real economy, and could come with unintended consequences for the money markets.
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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.
