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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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Demand for Turkish lira MTNs is likely to rise after the country’s Justice and Development party (AKP) won a majority at parliamentary elections on Sunday, encouraging confidence in the currency.
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The Province of Manitoba has placed its largest ever medium term note in euros, reaching what may be the largest cost effective size possible for swapping the proceeds into Canadian dollars, according to the issuer.
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Public sector borrowers have jumped on demand for Brazilian real notes with a flurry of medium term notes — and there is more in the pipeline, said niche currency and MTN bankers.
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Bank Nederlandse Gemeenten will be seeking to “cherry pick” opportunities in the private market for the rest of the year, according to a funding official at the issuer.
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Inter-American Development Bank has sold a three tranche Uridashi from its Education, Youth and Employment (EYE) bond programme.
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The narrowing windows for public sector borrowers to clamber into were again in evidence this week, with several similar deals hitting the market at the same time. But unlike last week, every deal this week reached the pricing stage, write Jonathan Breen and Lewis McLellan.