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Meanwhile, Gulf borrowers head private as Iran war volatility keeps public flow thin
◆ Gulf issuers turn to private markets ◆ Public sector and corporate borrowers to bring forward plans ◆ Banks re-enter covered and unsecured funding markets
Easter holidays and Middle East volatility subdued regular private placement activity though Gulf states step up private funding
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Kommuninvest has tightened its medium term note levels after finding increased demand following speculation that covered bonds — which the agency prices relative to — could attain Level 1 status under Basel III’s liquidity coverage ratio put downward pressure on its funding costs. It comes as the issuer also enjoyed a revisit to euros, printing private placements in the currency for the first time since October 2011.
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Investors are hungry for duration from Belgian sub sovereign issuers, which are looking to tap the demand and will push further out the maturity curve in the coming weeks, according to bankers. But some of the borrowers are sticking to medium term deals, opting for clips with maturities between three and five years.
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Stefan Rinauer has taken the reins at Société Générale’s euro medium term note desk, GlobalCapital can reveal, replacing Ariane Uzan.
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Cyprus’s re-emergence into the capital markets this week with a private placement has some public sector bankers pushing for a syndication — a deal which would mark the quickest comeback to issuance from a bailed-out eurozone sovereign. But the escalating tensions over the Ukraine crisis between Russia and the West could dampen the country’s prospects. -
Finnish and German municipalities have changed their approach to funding this year. Finnish municipalities are mulling private placements, while their German peers are moving away from the bond markets.
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Land Saxony-Anhalt could follow Land Nordrhein-Westfalen’s lead and print more private placements in niche currencies this year, according to MTN bankers. Land NRW sold the first Brazilian real deal from a German sub-sovereign this week.
