The Kingdom of Belgium has more than doubled its outstanding maturity curve with a 100 year medium term note, and it is keen to issue more ultra-long debt.
The Kingdom of Belgium has more than doubled its outstanding maturity curve with a 100 year medium term note, and it’s keen to issue more ultra-long debt.
Public sector borrowers have been seizing opportunities in the private medium term note market this week, following a burst of demand for short dated paper.
Supranationals and agencies will be at the forefront of a post-summer resurgence in the medium term note market, believe dealers. SSA MTN volumes have already begun to climb following a first half of the year characterised by record lows.
Offshore renminbi’s public sector fan base is growing, with Asian Development Bank printing a rare private MTN in the currency and Export Development Canada debuting a public bond in the format.
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.
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.