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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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Bank issuance of commercial paper has fallen sharply in 2020, thanks to generous liquidity provisions from the ECB. But overall issuance has climbed slightly, mostly off the back of increased SSA activity. -
The Euro Short Term Rate may be running into the first real problem of its short life. The benchmark was designed to provide a reflection of wholesale euro overnight borrowing costs based on real transaction data. But what if there aren’t enough transactions?
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A sudden dip in the volume of €STR transactions and the number of banks submitting data has led to market participants voicing concerns about the rate.
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A technical issue around data submission meant that the euro area short term rate (€STR) did not have enough data to be calculated in the usual way on Tuesday morning, forcing the ECB to use its contingency method.
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MTN platform Origin has released its documentation automation facility to a subset of Origin Marketplace users comprising 11 banks and 16 issuers.
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The technical issue that led to the ECB being forced to use its contingency computation method to set €STR on Tuesday has been fixed, and the benchmark is once more functioning normally.
