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The sovereign returned with a sizeable structured note
Investors seek structured and vanilla FRNs from credit and SSA issuers amid sharp rate fluctuations
Peace agreement will be needed to restore normal enthusiasm
Higher dollar yields dampen some of the callable demand
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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.
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The world Bank is again targeting socially responsible investors with its latest retail offering, a Eu250m one year 3.85% fixed rate bond, marketed by Dekabank to customers at 16,000 Sparkassen-Finanzgruppe branches across Germany.
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The Republic of Italy issued a Eu250m 55 year inflation-linked deal this week, the longest dated ever sold. Goldman Sachs is believed to have placed the groundbreaking transaction.