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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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In a week when Greece’s negotiations with its creditors grew labyrinthine in their complexity, with contradictory statements spewing forth faster than the country’s spiralling yields could follow, public sector borrowers are changing their approach. -
Public sector borrowers are snapping up opportunities in the medium term note market, as Greece’s bail-out negotiations and imminent US non-farm payroll data stifle syndicated supply.
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The Flemish Community of Belgium has hit the market with a quartet of private medium term notes — a rare appearance from a public sector borrower in the currency this week.
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Long end trades in the medium term note market will be very difficult to execute in euros for at least a week as the possibility of a Greek default and exit from the eurozone fuels volatility.
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NRW.Bank has taken advantage of favourable moves in the dollar/euro cross currency swap rate and a sell-off in US Treasuries to place its first callable zero note in dollars in nearly a year — and more euro agencies are likely to follow.
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The Black Sea Trade and Development Bank (BSTDB) is considering printing the first bond from its new €1bn MTN programme in the third or fourth quarter of this year.
