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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 prime money market funds' exposure to European financial institutions increased to 28% of total investment, or $186bn, in the third quarter, according to Moody's.
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International Bank of Azerbaijan’s return last week to the Eurobond market and its announcement of capital injections may lead to a reappraisal of its Ba3/—/BB rating, according to a banker on the deal.
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Turkish banks continued to absorb funding in the MTN market this week but bankers are expecting issuers to cut down on private deals and focus on benchmarks this quarter as low rates encourage pre-funding of 2014 borrowing requirements.
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German Pfandbrief banks could be set to diversify into different currencies and benchmarks as non-domestic demand for the names picks up, said MTN dealers this week.
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Yapi Kredi debuted in the private placement market on Tuesday, becoming the latest in a series of Turkish banks to sell their first MTNs in 2013. But bankers are expecting issuers to cut down on private deals and focus on benchmarks in the coming weeks.
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Kommunalkredit Austria is looking to ramp up its private placement issuance in the coming months as it looks to diversify its funding sources, EuroWeek understands.