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The Republic of Latvia is set to take a more sophisticated approach to the capital markets after launching a new global medium term note programme.
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Privately placed euro medium term notes from SSAs are down on last year amid buoyant demand for public deals. But there are still opportunities in an evolving market, as investors and issuers remain flexible, new names launch programmes and traditional euro commercial paper buyers pick up longer dated EMTNs, reports Craig McGlashan.
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The Autonomous Community of Madrid’s decision to complete all its 2013 funding in one fell swoop on Wednesday may have left it paying over the odds, bankers warned on Thursday. They said that, with the rally in the eurozone periphery showing no signs of abating, a more staggered approach to funding could have saved the issuer precious basis points.
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Central and Eastern European sovereigns could be set for a bumper year in private placements, following the lead of the Slovak Republic, which sold a €1.5bn euro medium term note last week.
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The Kingdom of Spain held a less than impressive bond auction this week but the bad news was tempered by a series of successes for its beleaguered regions.
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Issuers and dealers were quick to take advantage of opportunities provided by moves in cross currency basis swaps this week, allowing them to get euro commercial paper deals done despite the super tight levels at which many issuers want to fund.
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The entry of the European Stability Mechanism as an investor in short dated money market instruments later this month could lead to a further compression in the already meagre yields on offer from short term debt, Eurocommercial paper dealers have warned.
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The launch of a new triple-A rated euro medium term note programme from a Finnish agency this week cheered dealers who have been struggling with the worst quarter for public sector issuance since the first three months of 2009.
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A week of further eurozone volatility is pushing sovereigns, supranationals and agencies even more towards private placements for funding.
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Anything but euros worked for top-flight sovereign, supranational and agency issuers in the MTN market this week, as instability in both the banking and sovereign sectors rocked equity and CDS markets.
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KfW marked the 10th anniversary of its euro benchmark programme this week with a rare increase of its January 2021 benchmark by Eu2bn to Eu6bn. Bankers described it as the most successful tap ever seen in the euro market.
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KfW printed a spate of large trades in dollars and sterling this week. Although the borrower is offering low levels at the short end, volatility surrounding the foreign exchange swap allowed investors to buy the borrower’s paper at more attractive levels.