MTN Leak

Since Citigroup is still looking for a chief executive to guide it to glory, may we point out that there is a former boss in the market for a job who could well be tempted by the hefty wage the new CEO will surely enjoy.

The retail panel at ICMA’s primary markets forum at Haberdasher’s Hall in Smithfield this week turned their attention to an unexpected subject — their wayward parents.

Table one: Non-syndicated deals for less than $250m excluding financial repackaged SPVs, self-led deals and issues with a term of less than 365 days.

Structured investment vehicle restructurings are running into trouble, Leak hears. So much so, that’s it got too much for some of the managers involved.

If there is one lesson to be learnt from the MTN market this year, it is that bosses need to be kind their staff. You never know when the tables may be turned.

Leak was disappointed this week to find out that a lot of our favourite CP contacts had taken the week off.

Now that a super-conduit is being arranged to hoover up all the assets that investors refuse to fund, one might be mistaken for thinking that, for some at least, everything will be fine and dandy.

Leak this week takes great pleasure in reporting that the EuroCP market, the eye of the credit market hurricane, is officially back in tip-top shape.

The MTN investor community’s answer to Rip van Winkle awoke this week, buying some deeply sub-Libor floating rate notes from a UK bank issuer. The news prompted over-excited dealers to start dusting off decades-old prospectuses for other schemes that might catch the interest of the golden goose.

Dealers headed off to CNCE’s event in Strasbourg last night, but from what we’re hearing, planning for the event left a little to be desired.

Paris, lovely at any time of year, shows the world its best in the autumn, wrote journalist and adventurer, Ernest Hemingway, in A Moveable Feast.

Leak was saddened this week to learn that Richard Tynan had left Morgan Stanley. Of course, it has been a while since Richard has actually been near an MTN, having run corporate bond syndicate for the last couple of years.