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German states could be missing out on investor diversification and arbitrage opportunities by limiting their private medium term note issuance to euros, dealers said this week.
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The US government shutdown failed to knock an important part of the private placement market off its stride this week, as dollar callable zero dealflow carried on without a blip.
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Italy shook off renewed threats to its fragile coalition government this week to auction debt at its lowest level since May, while bankers talked up Spain’s ability to extend its curve with a 30 year deal.
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Bank Nederlandse Gemeenten nipped in ahead of the US Federal Reserve’s surprise decision to hold back on the tapering of quantitative easing to print a $127m three year floating rate note on Wednesday.
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Basis swap volatility following the US Federal Reserve’s decision to keep quantitative easing at its current pace failed to dampen demand for euro funders’ dollar commercial paper on Thursday, as a series of sovereigns, supranationals and agencies printed.
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Canada could issue its first privately placed medium term notes in over a decade this year, EuroWeek can reveal, as the sovereign looks for alternative international funding tools.
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The eurozone periphery’s two heavyweights had contrasting fortunes this week as talk grew of a 50 year privately placed euro medium term note and 30 year benchmark from Spain while Italy — whose 10 year yields rose above its peer’s for the first time in 18 months — suffered a price spike at auction.
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Annemarie Ganatra has spent much of the last decade covering MTNs for HSBC across the globe. In that time, the market has changed dramatically as the financial crisis of 2008 killed off much of the demand for the more exotic structured trades. She spoke to EuroWeek’s Tessa Wilkie about the evolution of the business.
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Italy found demand at the ultra-long part of the curve this week, with its second private placement of the year following rare appearances by other government-linked Italian issuers in the medium term note market over the past few weeks.
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Finnfund sold its debut bond this week and could come back for more in 2014 after finding strong demand for its paper and credit story.
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New opportunities for issuers of dollar callable zeros could open up in the coming months, with Taiwanese life insurance companies — the main buyer of the product — tipped to look overseas to combat low domestic interest rates.
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Czech Export Bank, which priced a Kc1.8bn ($93.4m) private placement this week, is preparing to sell a floating rate note in euros next month, a treasury official has told EuroWeek.