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Higher rates from the outbreak of the war have enhanced callable MTNs' yield appeal
◆ Tobias Landström on recent dollar three year trade ◆ Investors keen for short-dated dollar paper ◆ Dollar and euro funding levels have improved
◆ AIIB's Darren Stipe on cementing top tier status ◆ Cross-currency funding changes ◆ AIIB printed around $1bn dollar callables last year
Varied issuance in senior credit this week, including blue and green bonds, as ultra-long vanilla duration returns in SSA private placements
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Since the start of the Covid-19 crisis, Finland has found a novel way to meet its increased funding needs: private placements. Over the last six weeks, the sovereign has supplemented its regular auctions with €5.65bn of privately placed trades, issuing private debt off its benchmark bond programme for the first time ever. -
The European Central Bank’s press conference on Thursday did not provide the headline fireworks that its last meeting did. The sombre tone caused “disappointment” among investors and a slight widening of peripheral spreads. SSA issuers were also left dissatisfied with the bank’s lack of support for the money markets.
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The German state of North Rhine-Westphalia made its first visit to the offshore renminbi market earlier this week, continuing this year’s SSA dim sum shopping spree.
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The ECB has, despite an early gaffe, decided that it is its job to close spreads after all — and for the most part, it is excelling in its task. But its attention is focused on the bond market and, as a result, those who rely on the money markets for short term funding are suffering.
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A slide in euro and dollar MTN volumes has given Scandinavian banks the chance to propel themselves up the MTN leader board.
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The Asian Development Bank has become the first public sector issuer to tap the Canadian dollar market to fund its coronavirus response. In the days since the deal was placed, the value of the Canadian dollar has mirrored the rapid decline in the price of oil, which some bankers fear could put off future non-domestic issuers visiting the market.
