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◆ Italy dazzles with size as we launch our new MTN Awards ◆ Enel snubs the market it created ◆ Record month for CEEMEA bond issuers
European sovereign pair showcased the value of the MTN market
Chunky collared FRN expands sovereign's private funding for the year to €4bn
Major corporates pile into short end of the private placement market
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A week of further eurozone volatility is pushing sovereigns, supranationals and agencies even more towards private placements for funding.
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Anything but euros worked for top-flight sovereign, supranational and agency issuers in the MTN market this week, as instability in both the banking and sovereign sectors rocked equity and CDS markets.
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KfW marked the 10th anniversary of its euro benchmark programme this week with a rare increase of its January 2021 benchmark by Eu2bn to Eu6bn. Bankers described it as the most successful tap ever seen in the euro market.
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KfW printed a spate of large trades in dollars and sterling this week. Although the borrower is offering low levels at the short end, volatility surrounding the foreign exchange swap allowed investors to buy the borrower’s paper at more attractive levels.
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Commonwealth Bank of Australia last week became the first Australian bank to sell an MTN denominated in Swedish krona. However, the likelihood of Australian banks doing more deals in the currency will depend on the basis swap between Swedish krona and US dollars, bankers said.
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Portugal insisted this week that it still had access to international capital markets, with the country’s top debt management executive claiming that it was business as usual for its MTN programme.