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A number of MTN investors are waiting for the result of the US election before committing themselves to the market, meaning next week is set to be a quiet one. -
Focus was on the public market this week, with supranationals making up the majority of MTN supply.
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Swedish krona SSA volumes are at a record high this year, spurred on by a handful of jumbo supranational deals sold at wider spreads during the second quarter. However, the market has since tightened, and bankers expect it to have a more muted end to 2020.
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The Euro Short Term Rate (€STR) hit a record low on Wednesday as the latest round of TLTRO funding raised liquidity in the banking system. If €STR is to settle at this new low, it could impact commercial paper funds as investors withdraw in search of higher yields.
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Belgium and Ireland both tapped the ultra-long end of the curve this week to continue a record breaking year for euro-denominated MTNs of 50 years or more, as insurers look for returns amid low rates.
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The London Stock Exchange Group has partnered with fintech firm Nivaura for the exchange's new platform, called Flow. LSEG hopes that its adoption of Nivaura’s general-purpose legal mark-up language (GLML) technology will help to establish it as the industry’s automation protocol of choice.
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French agency Caisse des Dépôts et Consignations is planning to round off its 2020 funding through private placements. It was last active in the market at the end of last week, selling a long dated callable bond to an investor hunting for a yield pick-up versus Bunds.
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The Queensland Treasury Corporation (QTC) announced on Monday that it plans to borrow A$21bn ($15.2bn) during its 2020/21 fiscal year, which runs between July 1 and June 30. Alongside this, the state signalled its intention to look at issuing green, foreign currency and long term debt to complement its benchmark programme.
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The Asian Infrastructure Investment Bank (AIIB) returned to the market this week to place two more deals, as it ramps up its MTN issuance following a debut in Hong Kong dollars last Friday.
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Communauté Française de Belgique returned in mid-August after a seventh month absence to print a slew of deals for a combined €404m, according to Dealogic.
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Bank issuance of commercial paper has fallen sharply in 2020, thanks to generous liquidity provisions from the ECB. But overall issuance has climbed slightly, mostly off the back of increased SSA activity.
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The Euro Short Term Rate may be running into the first real problem of its short life. The benchmark was designed to provide a reflection of wholesale euro overnight borrowing costs based on real transaction data. But what if there aren’t enough transactions?
