-
A trio of South East Asian issuers have visited the Hong Kong dollar market in the last two weeks, as a move in the basis spurred demand. Among the issuers was Korea’s state-owned mining company Korea Resources Corporation (KORES), which made its debut in the currency and in the MTN format on Monday. -
Only a few issuers braved the MTN market in what was otherwise a week silenced by coronavirus volatility. With deals far and few between, bankers highlighted trades from Lufthansa and the Brussels Capital Region as market standouts.
-
The European Primary Placement Facility (EPPF), an issuance-as-service platform, has signed up DZ Bank, allowing the German cooperative institution to offer market access to its 250 frequent issuer clients.
-
MTN deal volumes year-to-date have slumped by nearly a third year on year, falling from $51.6bn in 2019 to $35bn this year. The fall has been particularly pronounced in core currency deals, with deals from other currencies forming a larger proportion of the market.
-
A pair of Australian sub-sovereigns have made their debuts in the euro market in recent days. An attractive basis swap helped to encourage issuers to sell into unusually strong demand for long dated euro paper.
-
BMW issued the largest unsecured MTN of the year on Wednesday — outstripped in size only by a €700m privately placed covered bond from UniCredit, according to Dealogic. The trade was BMW’s largest since 2016.
-
The first bond from the UK’s five year old Municipal Bonds Agency will be launched in the next week or two and, thanks to some tweaking of the agency's operating practices, more are set to follow, writes Lewis McLellan.
-
Few MTN issuers have so far issued in the Libor-replacing euro short term rate (€STR) format, with deals limited so far to supranationals, agencies and, this week, a sub-sovereign. Some bankers blame the 2017 EU Prospectus Directive for tightening up the rules on adding new indices to programmes, leaving non-exempt issuers on the sidelines.
-
Swedish issuer Kommuninvest is preparing to launch its first deal of 2020 — a five year Swedish krona note.
-
Barclays put a senior medium term note banker at risk of redundancy on Friday. The bank will hand the reins of its MTN business to a more junior banker in its Paris office.
-
The World Bank made its first visit to the Rwandan franc market last week, place what Dealogic indicates is the first deal in the currency since 2015.
-
AIIB made its dim sum debut this week into a booming market. A slew of deals has been sold in recent weeks, with more paper printed in last the last 10 days than in the whole of any other year, except for 2019.
