French rail operator SNCF Réseau joined the 100 club this week and now wants to print more ultra-long debt, but investors and MTN dealers doubt demand will support it. Jonathan Breen reports.

Spain’s Instituto de Crédito Oficial has raised over $100m equivalent with a private medium term note in Brazilian reais, and is keen to print more MTNs in the currency.

French railway operator SNCF Réseau has more than doubled the length of its outstanding maturity curve with a century long medium term note.

Supranational euro-commercial paper issuance has rocketed up this year, driven by rising yields in dollars and a flight to quality caused by repeated Greek crises, according to traders and issuers in the ECP market.

Supranationals and agencies grow in popularity among euro private medium term note investors, as the buy-side shuns risk and moves to top rated borrowers.

In a week when Greece’s negotiations with its creditors grew labyrinthine in their complexity, with contradictory statements spewing forth faster than the country’s spiralling yields could follow, public sector borrowers are changing their approach.

Public sector borrowers are snapping up opportunities in the medium term note market, as Greece’s bail-out negotiations and imminent US non-farm payroll data stifle syndicated supply.

The Flemish Community of Belgium has hit the market with a quartet of private medium term notes — a rare appearance from a public sector borrower in the currency this week.

Long end trades in the medium term note market will be very difficult to execute in euros for at least a week as the possibility of a Greek default and exit from the eurozone fuels volatility.

NRW.Bank has taken advantage of favourable moves in the dollar/euro cross currency swap rate and a sell-off in US Treasuries to place its first callable zero note in dollars in nearly a year — and more euro agencies are likely to follow.

The Black Sea Trade and Development Bank (BSTDB) is considering printing the first bond from its new €1bn MTN programme in the third or fourth quarter of this year.

NRW.Bank has taken advantage of rising dollar rates to place its first callable zero note in dollars for nearly a year — and more issuers could follow.