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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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The thawing of US prime money market funds’ frosty relationship with Eurozone bank debt is accelerating, but it comes amid warnings that investors across the Atlantic have started to see certain banks outside the single currency area as higher risk.
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Rare Indian bank names were among medium term note (MTN) deals this week as Asian investors sought yield and some issuers attempted to circumvent an unfavourable local commercial paper market.
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UK banks whose short term P-1 ratings were put on review for downgrade a month ago by Moody’s have seen their total outstanding commercial paper fall by a quarter since the action, but dealers played down the significance of the ratings action on the drop.
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The Euribor/Eonia spread should not be used to gauge sentiment in interbank lending, the head of euro commercial paper (CP) at a European bank has warned.
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Santander symbolised a new dynamic in which bank issuers are able to dictate terms to investors this week, a total reversal of the situation in 2011.
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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.