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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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The situation for callable zero buyers has became more difficult in recent weeks as long-dated dollar swaps have fallen and left yields on the product nearing 4%. While markets were in more cheerful mood this week, and yields rose, the secular decline in rates will prompt more buying of lower-rated bank names over agencies, said an MTN dealer.
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Bank of China was able to print the largest ever piece of sterling-denominated commercial paper from a bank in an emerging ECP market this week, as money market funds looked beyond Europe to find investable credits.
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Another small Russian lender is set to join the growing number of issuers from the country of euro commercial paper, with B&N Bank launching a $300m programme this week.
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French money market fund managers, which often have less stringent rating requirements than other funds, have been warned to be conservative in their selection of debt amid the Moody’s bank ratings review process.
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MTN investors made a series of enquiries in emerging market currencies this week as Lloyds TSB printed its inaugural Russian rouble deal. The bank sold a Rb1.3bn ($40.1m) two year note via JP Morgan on Monday. It was priced at par and pays a coupon of 7.05%.
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Santander this week increased the size of its domestic commercial paper programme, a decision that left dealers scratching their heads as to why it had not opted for the ECP route.