Pre-migration untagged articles

Dealers of private EMTNs: Non-syndicated deals for ≤ €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of less than 365 days

The Kingdom of the Netherlands sold its largest Norwegian krone-denominated commercial paper print ever this week, selling a deal more than five times the size of its previous biggest in the currency.

Bank Nederlandse Gemeenten (BNG) sold two privately placed taps in Norwegian krone as an interest rate cut from the Norwegian central bank steepened the curve and intensified investor demand for the currency in medium tenors. The trades also cemented BNG’s popularity as an issuer for yield-hungry investors looking to diversify into niche currencies.

FIG borrowers are taking advantage of an optimistic backdrop to dip into unsecured issuance, with senior and subordinated deals out this week. But already there are questions over how long the buoyant backdrop might last.

The CEEMEA bond market has sprung into life this week, with a new $750m deal for National Bank of Abu Dhabi, Emirates NBD poised to print a benchmark dollar note today and Russian Railways on the verge of releasing guidance for a seven year Eurorouble note.

Demand and pricing for the latest deal from the European Financial Stability Facility (EFSF) has made a strong case that the region's SSA sector has put the sovereign crisis behind it — for now, at least. After a first quarter that has been characterised by robust demand and diminishing new issue premiums on bond issues across the SSA and corporate sectors, Europe's bail-out vehicle is set to price on Wednesday a €4bn five year trade that was more than three times subscribed all but flat to its secondary curve.

With new issue premiums squeezed to a minimum, Europe’s stampeding corporate bond bulls are looking for new boundaries to knock over. One limit they are testing is how much paper the market can absorb in one day.

All hail Mario Draghi and his brace of LTROs. The difference between how markets looked in December and now makes these market drugs seem more like a miracle cure. But now that we’re all high on cheap cash, has anyone planned for the come down in three years’ time?

Banks active in the Italian corporate bond market are hoping to persuade regulators to make it easier for unlisted companies to issue bonds, notably by changing the tax treatment.

Dealers of private EMTNs: Non-syndicated deals for ≤ €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of less than 365 days