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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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VTB Bank sold its first euro commercial paper clip of 2013 late last week as the growing volume of issuance of the instrument from Russian credits showed no signs of abating.
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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.