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FIG MTNs and CP

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World Bank tops 2025 issuer rankings for private placements
Tight funding levels and an abundance of investor cash made for brisk MTN issuance in 2025. The story may change in 2026, with public market issuance named as one factor that could crowd out private placements. But a broadening Asian bid for MTNs offers hope for the market, writes Diana Bui
Investors show demand for short-dated FRNs from FIG and corporate credits in private and public formats
Aroundtown and Toyota tap private markets as public supply winds down
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  • FIG
    Pohjola Bank has taken advantage of an attractive euro/sterling basis swap and investor appetite for bank risk to print £305m in medium term notes (MTNs) over the last week. But the latest round of cheap euro loans from the ECB could mean the window of opportunity will soon close.
  • FIG
    Swap dealers are agog to know how much money the European Central Bank is going to lend banks on Wednesday in its second three year lending operation. But they admit that no one really knows how the money markets will react to the outcome.
  • FIG
    US prime money market funds’ return to Eurozone bank debt during January could be sustained via an unlikely source — a resurgence of their appetite for French bank paper.
  • FIG
    Chinese banks are weighing up the advantages of using euro medium term note (EMTN) programmes as an alternative source of funding to certificates of deposit (CDs), dealers said, as two rare Asian names printed notes.
  • FIG
    US prime money market funds still have a cautious view of Eurozone banks, dealers said, despite increasing their exposure to those institutions in January.
  • FIG
    European banks are accessing the longest average tenors in commercial paper (CP) in more than a year, despite some institutions in peripheral Europe struggling to print in the long end and a number of firms being placed on watch for downgrade by Moody’s.