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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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The Autonomous Community of Madrid’s decision to complete all its 2013 funding in one fell swoop on Wednesday may have left it paying over the odds, bankers warned on Thursday. They said that, with the rally in the eurozone periphery showing no signs of abating, a more staggered approach to funding could have saved the issuer precious basis points.
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Central and Eastern European sovereigns could be set for a bumper year in private placements, following the lead of the Slovak Republic, which sold a €1.5bn euro medium term note last week.
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The Kingdom of Spain held a less than impressive bond auction this week but the bad news was tempered by a series of successes for its beleaguered regions.
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Issuers and dealers were quick to take advantage of opportunities provided by moves in cross currency basis swaps this week, allowing them to get euro commercial paper deals done despite the super tight levels at which many issuers want to fund.
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The entry of the European Stability Mechanism as an investor in short dated money market instruments later this month could lead to a further compression in the already meagre yields on offer from short term debt, Eurocommercial paper dealers have warned.
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The launch of a new triple-A rated euro medium term note programme from a Finnish agency this week cheered dealers who have been struggling with the worst quarter for public sector issuance since the first three months of 2009.