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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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Italy found demand at the ultra-long part of the curve this week, with its second private placement of the year following rare appearances by other government-linked Italian issuers in the medium term note market over the past few weeks.
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Finnfund sold its debut bond this week and could come back for more in 2014 after finding strong demand for its paper and credit story.
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New opportunities for issuers of dollar callable zeros could open up in the coming months, with Taiwanese life insurance companies — the main buyer of the product — tipped to look overseas to combat low domestic interest rates.
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Czech Export Bank, which priced a Kc1.8bn ($93.4m) private placement this week, is preparing to sell a floating rate note in euros next month, a treasury official has told EuroWeek.
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Finland’s Municipality Finance is aiming to launch its first-ever three year fixed rate dollar benchmark amid the rush of issuance expected in September. Fellow Nordic agency Kommuninvest, which also has another dollar benchmark to come this year, plans to avoid the rush by waiting until October before bringing its deal.
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Supranational and agency borrowers are queueing up to supply socially responsible investors with ethical products once bond markets reopen in the autumn, helping to push the asset class further into the mainstream. At least two SSA borrowers and possibly one corporate credit are eyeing debut socially responsible investment (SRI) deals for the final third of 2013, write Craig McGlashan and Nathan Collins.