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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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Italian banks made their first appearance in euro medium term notes this week against a backdrop of investor positivity towards the eurozone periphery. But issuers are still unlikely to sell anything but the most conservative of structures in the near term, said dealers.
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French banks’ are increasingly tapping US money market funds for short term cash — and the trend could accelerate if banks pay back three year loans from the European Central Bank early, euro commercial paper dealers said on Monday.
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Banks topped up on sterling this week through privately placed MTN and euro CP trades.
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More banks should look at the possibility of printing callable zero structures, MTN dealers said this week, given the heavy level of Taiwanese life insurers’ demand for the long-dated structures. The investors could also be forced to explore new structures in the hunt for yield.
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Euro medium term note volumes could be depressed in the early part of the year if spreads continue to tighten, dealers warned on Wednesday.
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Commercial paper’s addition as a high quality liquid asset under Basel III could increase demand for the instrument — but may also depress already low yields, dealers warned on Monday.