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World Bank tops 2025 issuer rankings for private placements
Tight funding levels and an abundance of investor cash made for brisk MTN issuance in 2025. The story may change in 2026, with public market issuance named as one factor that could crowd out private placements. But a broadening Asian bid for MTNs offers hope for the market, writes Diana Bui
Investors show demand for short-dated FRNs from FIG and corporate credits in private and public formats
Aroundtown and Toyota tap private markets as public supply winds down
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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.