Companies may obtain fresh funding opportunities in euro commercial paper, as European money market funds move away from bank issuers, which are posting tighter and tighter levels and cutting issuance.

Floating rate private placements in dollars have been catching on ahead of expected rates rises from the US Federal Reserve in the coming years, but bankers are divided on whether the trend will leach into an increase in benchmark issuance in the format in 2015.

Short term debt opportunities are opening for public sector borrowers as European money market funds move to the asset class at the expense of banks, which are posting tighter and tighter levels and cutting supply in euro commercial paper.

Santander has appointed a head of MTNs and structured notes, hiring a seasoned MTNs banker from a rival firm after its previous desk head moved elsewhere in the bank.

A pair of French sub-sovereigns have printed medium term notes over the past week and more are expected to follow as they approve their budgets for 2015. Despite the upcoming capital markets debut from France’s answer to Municipality Finance, Agence France Locale, issuance from France’s local authorities is set to continue and even grow, according to MTN bankers.

Private placement investors are having to confront negative yields up to five years on the maturity curve as the European Central Bank’s announcement of quantitative easing and a flight to safety after concerns over the stability of the euro drive spreads in Europe even tighter. While some investors are buying structured notes to gain a positive return, some may have no other option.

International Finance Corporation has become the most recent supranational to print in Russian roubles, following close behind a trio of its peers that made rare appearances in the currency last week. High yields in the currency, despite Russia’s central bank cutting its key interest rate, have bankers expecting more supply to come.

The International Finance Corporation has become the most recent supranational to print in Russian roubles, following close behind a trio of its peers that made rare appearances in the currency last week. High yields in the currency, despite Russia’s central bank cutting its key interest rate, have bankers expecting more supply to come.

KfW has made its first ever foray into Indian rupees and it is keen to do more in the currency. It joins a growing band of supranationals and agencies dabbling in the currency's offshore and onshore bond markets.

Medium term note investors could be forced to swallow negative yields on private placements following dramatic pricing moves, after the European Central Bank’s announcement of quantitative easing last week. The first ever such deals are thought to have been sold this week, as supranationals and agencies tightened levels after the ECB’s decision.

The Federal State of Saxony-Anhalt has sold its third ever sterling private MTN and is looking to print nearly half of its 2015 funding target through private placements, in any liquid currencies it can find.

Euro commercial paper issuance dropped to its lowest level in 11 years in 2014, and the market faces a further threat from proposed bank-style regulation for money market funds.