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Ex-Credit Suisse banker joins for debt structuring job
Opportunistic covered deals unearth demand at the very short end
◆ Floaters find demand as new quarter begins ◆ Quiet public market paves way for semi-private placements
Storied MTN banker will leave the US firm after almost 13 years
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A slide in euro and dollar MTN volumes has given Scandinavian banks the chance to propel themselves up the MTN leader board. -
The European Central Bank’s purchase programme will do little to aid agencies in raising cash in the commercial paper market, making little difference to rising borrowing costs and expanding programmes, according to Jérôme Margerin, head of short-term funding at ACOSS, one of Europe’s largest non-sovereign CP issuers.
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The MTN market is picking up as issuers (particularly corporates and SSAs) and investors find opportunities for attractive deals.
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Market participants have welcomed moves by the US Federal Reserve and Treasury, the Bank of England and the European Central Bank to restore order in commercial paper markets. This normally placid funding source has been under severe stress in the past week as investors and dealers shun risk amid the escalating coronavirus crisis. But market participants are still seeking further reassurance.
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The commercial paper market is emerging as a source of stress as financial markets creak under the pressure of the coronavirus crisis. This happened in the 2007-9 financial crisis too, but this time the strains are different. Market participants want central banks to act.
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MTN deal volumes year-to-date have slumped by nearly a third year on year, falling from $51.6bn in 2019 to $35bn this year. The fall has been particularly pronounced in core currency deals, with deals from other currencies forming a larger proportion of the market.
