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FIG MTNs and CP

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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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  • FIG
    Dexia Crédit Local is planning to boost its currency diversification in private placements with a return to yen MTNs in 2014, a funding official told EuroWeek. Bankers expect other financial institutions to do the same as Japanese investor appetite grows.
  • FIG
    US money market funds have increased their lending to core eurozone banks, particularly in the Nordic region. But market participants don't expect volumes in these funding markets to increase by much more any time soon.
  • FIG
    US money market funds have increased their lending to core eurozone banks, particularly in the Nordic region. But market participants don't expect volumes in these funding markets to increase by much any time soon.
  • FIG
    Investors have begun to warm to periphery eurozone banks but not just in the public market. Reverse inquiries for medium term notes have increased in recent weeks. Bankers predict that banks in the eurozone periphery will be busy with private placements with which they will use to issue longer tenors.
  • FIG
    Banca Popolare di Vicenza (BPVi) sold its largest private placement since returning to the private placement MTN market in July.
  • FIG
    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.