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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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Forget President's Day and Chinese New Year — it seems that a different celebration was the most observed in the MTN market this week: Pancake Day.
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Companies may obtain fresh funding opportunities in euro commercial paper, as European money market funds move away from bank issuers, which are posting tighter and tighter levels and cutting issuance.
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Floating rate private placements in dollars have been catching on ahead of expected rates rises from the US Federal Reserve in the coming years, but bankers are divided on whether the trend will leach into an increase in benchmark issuance in the format in 2015.
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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.
