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PIF's commercial paper programmes have been rated by S&P
EDF and Mowi tapped private placements in their home currencies
SSA issuers extend their hot run in the private market, crowding into the short end of the curve
Banks crowd the short end in another busy week for private placements
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Turkish banks — several of which launched MTN programmes this year — are diversifying their private placements, issuing in longer maturities and different currencies to reach out to new investors.
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US prime money market funds have raised their eurozone holdings to their highest levels since August 2011, according to a report by JP Morgan Securities released on Wednesday. The majority of this increase was in French and German banks, and commercial paper bankers are split whether recent concerns over France will cause MMFs to decrease their holdings.
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Banco de Chile raised ¥11.1bn ($111.1m) with the first private placement from a new $2bn global medium term note programme this week, as other emerging market banks also found interest in yen.
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Jyske Bank is changing its private placement plans to avoid euros and instead issue in other currencies. This diversification will allow the bank to issue longer tenors, a strategy EMTN bankers recommend to other banks.
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Money market funds borrowing and lending in the eurozone has increased, but bankers expect the corporate and public sectors to start stealing the influx.
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Private placements from Irish banks could become a more regular feature of MTN markets in the coming weeks, as dealers reported an increase in enquiries for the credits and Bank of Ireland sold its first private deal in three years.