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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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Íslandsbanki sold its inaugural euro bond with a €100m private placement this week, in contrast to Icelandic peer Arion Bank’s suspension of its planned public benchmark euro deal last week.
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The line between the private and public markets is growing slimmer as some medium term note dealers have started making secondary markets. But the development has divided participants as some bankers are unwilling to take part in this new part of the business, claiming it is against the traditional approach to MTNs.
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Türk Ekonomi Bankasi (TEB) is preparing to join its Turkish bank peers in the medium term note market. Bankers expect it to debut before the summer, but are perplexed by the borrower’s programme which will only let it print notes with maturities of up to a year.
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UK investors are keen for sterling private placements from Asian banks and the demand is expected to bring new issuers to the market. Oversea-Chinese Banking Corporation took advantage of the demand to sell its inaugural note in the currency this week.
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Íslandsbanki sold its inaugural euro bond with a €100m private placement on Wednesday, in contrast to Arion Bank's suspension of its planned public benchmark euro deal last week.
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Investors scrambled for Dexia Crédit Local’s short dated floating rate notes this week amid a lack of bank supply. Several Nordic banks have yet to post levels after coming out of blackout over the past week, and those that have are posting too aggressively to find demand, said bankers.