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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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Australian banks sold a record $10bn in privately placed euro MTNs in July as investors sought non-eurozone bank debt. The big four Australian commercial banks — Commonwealth Bank of Australia, ANZ Bank, National Australia Bank, Westpac — were able to take advantage of the demand.
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A squeeze on short term debt yields could create demand for asset backed commercial paper, an asset class that has not found favour since it blew up in spectacular style in 2007, writes Craig McGlashan.
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Banks’ access to euro commercial paper improved in July for the first time since January, with the ECB’s deposit rate cut hailed by dealers as the cause of the better sentiment.
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Nordic banks’ euro commercial paper outstandings have hit record levels as investors look for names with distance from Europe’s periphery.
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Russian banks could form a vanguard for emerging borrowers in the money markets, providing funds with a new route to satisfy their hunt for yield as an ultra low rates environment squeezes their profit margins, writes Craig McGlashan.
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US prime money market funds have slashed their exposure to eurozone banks to an all time low. But they are shifting their attention towards Nordic banks, which are breaking records in the euro commercial paper market.