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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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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.
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Rabobank sold its first Australian dollar puttable on Monday in a deal that provided attractively priced funding while complying with net stable funding ratio rules. The rare structure of the trade could also spark a potential new market for puttables.