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Tight funding levels and an abundance of investor cash made for brisk MTN issuance in 2025. The story may change in 2026, with public market issuance named as one factor that could crowd out private placements. But a broadening Asian bid for MTNs offers hope for the market, writes Diana Bui
Aroundtown and Toyota tap private markets as public supply winds down
CEB plans to print more structured notes and may launch inaugural Sofr bond in 2026
GlobalCapital is pleased to announce the shortlist for its inaugural MTN Awards
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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.
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Dealers were hopeful that government guaranteed issuance could soon take off in the MTN market after HBOS launched the first CDs off such a programme this week. But the prospect of such supply also caused confusion, as although investors have been interested in such paper, dealers are unsure how to price the new asset class.