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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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Íslandsbanki sold its inaugural euro bond with a €100m private placement on Wednesday, in contrast to Arion Bank's suspension of its planned public benchmark euro deal last week.
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Investors scrambled for Dexia Crédit Local’s short dated floating rate notes this week amid a lack of bank supply. Several Nordic banks have yet to post levels after coming out of blackout over the past week, and those that have are posting too aggressively to find demand, said bankers.
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Arion Bank has launched its first EMTN programme as it prepares for its euro bond sale. The bank will find strong demand in the private placement market, and more investors will look to the name when creditors sell their stakes in the bank, which could be as soon as this year, according to bankers.
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Having released its first quarter results on Thursday, Danske Bank is expected to return to the private placement market. Investors are waiting till it posts levels to pick which Nordic bank notes they want to buy, according to medium term note dealers.
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Private placement investors are scrambling for Dexia Crédit Local's short dated floating rate notes. It began posting levels on Tuesday and quickly printed two trades, according to medium term note dealers.
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Nationwide Building Society is eager to return to the private placement market after a two-year absence. It won’t be short of demand, as financial institution private placements are being snapped up. Investors scrambled for ING Bank’s paper after the borrower revised its levels at the start of the week.