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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 has become the latest issuer to join the exclusive club of century bond issuers, after printing a 100-year note via private placement, the country’s National Treasury Management Agency said on Wednesday.
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Three large Brazilian real denominated MTNs issued by Export-Import Bank of Korea (KEXIM) indicate that Brazilian investors are making a tax play, according to bankers.
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Ireland used a private placement to sell its first ever 100 year note, the country’s National Treasury Management Agency said on Wednesday.
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The pace of borrowing in offshore renminbi is accelerating, but public markets remain closed, meaning MTN issuance is dominating in the currency.
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The International Finance Corporation sold on Wednesday the longest-dated Masala bond ever. The supranational also believes other issuers could be about to enter the market.
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Public sector borrowers from the eurozone periphery are preparing a flurry of issuance in the next few days, with one still smarting from a change to its rating outlook late last week.