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Higher rates from the outbreak of the war have enhanced callable MTNs' yield appeal
◆ Tobias Landström on recent dollar three year trade ◆ Investors keen for short-dated dollar paper ◆ Dollar and euro funding levels have improved
◆ AIIB's Darren Stipe on cementing top tier status ◆ Cross-currency funding changes ◆ AIIB printed around $1bn dollar callables last year
Varied issuance in senior credit this week, including blue and green bonds, as ultra-long vanilla duration returns in SSA private placements
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Short term debt opportunities are opening for public sector borrowers as European money market funds move to the asset class at the expense of banks, which are posting tighter and tighter levels and cutting supply in euro commercial paper.
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Santander has appointed a head of MTNs and structured notes, hiring a seasoned MTNs banker from a rival firm after its previous desk head moved elsewhere in the bank.
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A pair of French sub-sovereigns have printed medium term notes over the past week and more are expected to follow as they approve their budgets for 2015. Despite the upcoming capital markets debut from France’s answer to Municipality Finance, Agence France Locale, issuance from France’s local authorities is set to continue and even grow, according to MTN bankers. -
Private placement investors are having to confront negative yields up to five years on the maturity curve as the European Central Bank’s announcement of quantitative easing and a flight to safety after concerns over the stability of the euro drive spreads in Europe even tighter. While some investors are buying structured notes to gain a positive return, some may have no other option.
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International Finance Corporation has become the most recent supranational to print in Russian roubles, following close behind a trio of its peers that made rare appearances in the currency last week. High yields in the currency, despite Russia’s central bank cutting its key interest rate, have bankers expecting more supply to come.
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The International Finance Corporation has become the most recent supranational to print in Russian roubles, following close behind a trio of its peers that made rare appearances in the currency last week. High yields in the currency, despite Russia’s central bank cutting its key interest rate, have bankers expecting more supply to come.
