MTN issuers and dealers have been dismissive this week of plans by the Financial Conduct Authority to prevent banks gaining league table credit from loss-making trades.
The words “unintended consequences of regulation” usually send a shiver down the spine of capital markets participants, but new US rules coming into effect next week are having the opposite effect for some public sector bond issuers.
French agency Unédic is looking to set a trend with its new medium term note format to replace its BMTN programme as the chosen vehicle for one to six year debt
Central bank policies are diverging like never before, with the European Central Bank and Bank of Japan setting deeply negative rates — and the BoJ attempting to influence the longer end of the curve — while the US Federal Reserve is on a rate rising path. That dynamic throws up opportunities and challenges for public sector borrowers, writes Craig McGlashan.
KfW this week added its name to a run of offshore renminbi issuers over the last few weeks, with investors appearing to be keen for paper that can offer a yield of over 3%.