Deep down below the sea Smit Acharya swims happily. The BNP Paribas MTN dynamo is looking at fish in the Indian Ocean as we speak — or as we write and you read, more accurately.

Faced with negative yields, lack of supply and an influx of cash, triple-A rated money market funds have had to broaden their outlook to generate positive returns and, for some, Asia offers the solution.

Spain showed the rewards of being creative with its longest ever bond of the euro era on Monday, chopping €1bn from its funding needs with a deal that will mature when the eurozone debt crisis is a matter for history books, not newspapers. With more dovish measures possibly on the horizon at this week’s European Central Bank meeting, issuers could soon find that such deals are the best way to add some duration to their debt profiles.

World Bank sold a callable green bond to US retail investors this week as part of an effort to increase its presence in the US market. The structured print comes at a time of strong demand for callable notes from supranational and agency issuers, according to MTN dealers.

Kangaroos and Kauris — not dollars and euros — could grab the attention of supranational agencies in the coming months, with price rather than prodigious volumes likely to be the issuers’ focus as they flirt with near-completed funding targets. Jonathan Breen and Nathan Collins report.

The Securities and Exchange Commission has tried to cut the risk of runs in the money market fund industry by introducing liquidity fees and redemption gates. But as the Federal Reserve has just pointed out, by doing so it has done the opposite of what it intended, and made the funds more like banks.

The International Finance Corp is scouting for the next opportunity to develop green bonds in emerging markets, following its sale of the first such bond from an international issuer in the Peruvian market this week.

Investors starved of paper from well-funded borrowers and the summer slowdown allowed the State of Berlin to increase a €100m 10 year print to €250m this week, following a €125m eight year from the sub-sovereign a day before.

Mitsubishi UFJ has hired a senior MTN dealer as head of medium term notes, the latest move in the company’s efforts to grow its MTN business.

The International Finance Corporation is looking to enlarge its Brazilian reais issuance and boost its profile with Uridashi investors.

Ireland’s capital market renaissance spread to the very short end of the curve this week, as it sold its largest piece of commercial paper outside its home currency in two years. Meanwhile, the sovereign is also seeking to reduce its near term redemption pile as part of its recovery process after coming off International Monetary Fund and European Union support last year.

The World Bank could follow up a series of dollar private placements linked to CMS rates after receiving strong demand for the structure. Other issuers could follow suit as investors bet on the US Federal Reserve increasing interest rates next year.