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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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Investors in commercial paper have steadily been reducing the tenors of their bank exposure or cutting their buying of bank paper altogether in the uncertainty over the Moody’s bank ratings.
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As Moody’s was preparing its downgrades of 16 Spanish banks on Thursday, some money market funds were privately voicing concerns about the swathe of ratings reviews and stating that they may look to drop the credit rating agency, according to bankers.
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NIBC Bank sold its first non-self-led private MTN since 2008 as other financial issuers opted for unfamiliar currencies in a quiet week for European bank issuance.
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Italian banks’ CDS levels tightened in with the rest of the market on Tuesday, despite Moody’s downgrading the long and short term ratings of 26 Italian banks by up to four notches.
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South Korean lender Kookmin Bank printed its debut Australian dollar medium term note this week, while Norway’s DNB Bank printed its first callable trade in over seven years. Investors largely eschewed European bank names as they awaited the verdict of a sweeping review by Moody’s.
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Société Générale dropped a €500m marker this week as the resurgence of French banks in commercial paper and certificates of deposit gathered momentum.