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Higher rates from the outbreak of the war have enhanced callable MTNs' yield appeal
◆ Tobias Landström on recent dollar three year trade ◆ Investors keen for short-dated dollar paper ◆ Dollar and euro funding levels have improved
◆ AIIB's Darren Stipe on cementing top tier status ◆ Cross-currency funding changes ◆ AIIB printed around $1bn dollar callables last year
Varied issuance in senior credit this week, including blue and green bonds, as ultra-long vanilla duration returns in SSA private placements
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Agence France Locale (AFL), a new funding agency for French regions, is preparing a debut issue that could appear in the second half of the year. Bankers reckon the agency will likely find widespread interest from investors, particularly in the private placement market.
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A pair of French regional issuers could soon join a German sub-sovereign in selling long-dated private placements in yen. Japanese investors are coming late to the party as the regions have already begun to extend their maturities.
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A lack of investor interest in supranational and agencies’ traditional private placement formats is forcing issuers to sell deals in rare currencies and structures, according to MTN dealers.
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Swedish Export Credit Corporation is keen to follow up its second ever privately placed dim sum this week with more deals in the currency, the issuer told EuroWeek. Meanwhile, its Norwegian neighbour, Nordic Investment Bank is also considering its first dim sum deal.
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Bankers have lobbied supranational and agency borrowers for years to sign two-way Credit Support Annexes (CSAs) to overcome the ramping up of new issue swap hedging costs on primary bond business. It is a cost that has had senior SSA bankers fearing for the very life of the SSA bond business. But now the forces of Abenomics acting upon Japanese investor habits may drive borrowers to reconsider their swap arrangements putting to bed one of the longest running and fiercest debates in capital markets.
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UK local authorities should follow the example of French and German counterparts and look to print private placements, MTN dealers urged this week.