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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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Ireland raised €300m through an inflation-linked bond in the private market on Tuesday. The note is Ireland’s second of this type, after a €609.5m private placement in April 2017. -
The State of North-Rhine Westphalia sold its first century bond on Thursday via the private placement market, and is open to the possibility of bringing a syndicated deal in the tenor.
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A Munich-based banker at UniCredit has made an internal move from MTNs to the syndicate desk, covering SSAs and covered bonds.
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The International Development Association is preparing a short-term borrowing programme that the issuer told GlobalCapital will be similar in form to the commercial paper offerings of its peers the European Investment Bank and KfW. A second benchmark — likely to be in sterling or a niche currency — or a debut private medium-term note could follow, the borrower added.
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GlobalCapital understands that the Spanish government has approved requests from the Balearic Islands and Castile and Leon to issue new debt. More approvals could follow “in the next few weeks” for the Basque Country and Galicia, according to a DCM banker based in Madrid.
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Natixis has made some internal changes to its MTN team, after the desk’s global head Elsa Martin took on a new position within the bank.
