Pre-migration untagged articles

Investors in Asia provided strong demand for the EMTN market this week, despite the start of the summer holidays. Execution by issuers slowed though as funding executives took their seasonal breaks.

Investors in the European commercial paper market have become increasingly hungry for higher yields as market levels have dropped. Corporates in particular remain in demand.

Fitch gave 40 covered bond programmes the all-clear on Wednesday, affirming their ratings after implementing its new refinancing cost assumptions. However, the majority of programmes Fitch rates remain under review.

The European Central Bank revealed for the first time how spending under its Eu60bn covered bond purchase programme has been split between the primary and secondary markets when it delivered its first monthly report on the programme following a press conference on Thursday.

Dealers are loading up on securities to sell to the Fed, but fortunately it’s got its eyes open — it just has no solution to the problem. "We believe that opting for transparency is a greater good," said William Dudley, president of the New York Fed, which is responsible for market operations. "If we didn’t have transparency, we’d be criticised on other grounds."

Investors hungry to lock in yield turned to the MTN market this week as the benchmark market began its summer lull.

Investors bought everything from Nigerian naira to Hungarian forints this week as confidence in emerging currencies and investors’ search for yield and diversification prompted an issuance spree in niche currencies.

Moody’s heaped more pressure on Dubai on Monday when it downgraded one of the emirate’s government-related entities and placed three on review for downgrade.

Dealers of private EMTNS: Non-syndicated deals for less than $250m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of less than 365 days.