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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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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.
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Santander has increased the size of its domestic commercial paper programme to €15bn against the backdrop of growing turmoil in the Spanish banking sector.