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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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Fears that Italian banks’ access to short term liquidity had dried up — following Standard & Poor’s downgrade of 34 of the country’s financial institutions on February 10 — were downplayed by Intesa Sanpaolo this week.
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Familiar names kept deals ticking over in FIG MTNs this week, as investors and issuers became more cautious after what had been a busy start to the year. Longer dated prints were generally in covered bond format.
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Italian bank access to money market fund cash has “all but evaporated”, commercial paper dealers said on Monday, after Standard & Poor’s imposed a swathe of downgrades on 34 financial institutions.
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Intesa Sanpaolo’s perilous short term funding position was thrown into sharp relief this week when Fitch downgraded it to F2 on Monday night. Any similar action from either of Fitch’s rival ratings agencies would place Intesa’s paper out of the reach of top European money market funds.
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Helaba attracted sterling funding for the first time since 2007 with its debut covered bond in the UK currency. The sterling investor base had largely shunned the issuer since it lost its state guarantee in 2005, but the bank hopes its latest print will be the first of many.
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Intesa Sanpaolo could be locked out of commercial paper funding after a downgrade by Fitch Ratings pushed it a step closer to falling below money market funds’ investment criteria.