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SSA MTNs and CP

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◆ Italy dazzles with size as we launch our new MTN Awards ◆ Enel snubs the market it created ◆ Record month for CEEMEA bond issuers
European sovereign pair showcased the value of the MTN market
Chunky collared FRN expands sovereign's private funding for the year to €4bn
Major corporates pile into short end of the private placement market
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  • Uncertainty over upcoming European elections could make short term debt investors “run to the sidelines”, said a commercial paper banker.
  • A surge in demand for Russian rouble paper could have been brought to a premature end by a US missile attack on Syria on April 7, but market participants are confident that issuance will continue.
  • The direction of the European Central Bank’s monetary policy is still keeping investors awake at night, as an announcement on Thursday by the bank’s president did little to avert concerns about rate hikes at the short end.
  • SRI
    Eurofima sold its first socially responsible investment (SRI) note on March 30, raising $100m with a 10 year MTN. Michele Montefiori, head of capital markets at Eurofima, is keen to follow up with a green bond.
  • US money market fund investors are applying a more bullish approach, with $20bn of cash returning into prime and alternative money funds from government funds since November 2016, according to Fitch.
  • Asian Development Bank will issue its first green bonds in the Uridashi market in May, with Daiwa Securities as dealer.