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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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Banks are expected to print more three to five year floating rate private placements in the coming weeks as investors seek protection against expected rates rises. The format has been popular in the public market, but despite a spate of deals investor thirst has not been quenched and they are turning to the private placement market to find more paper.
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US money market funds allocations to European banks are at their highest figure since September 2011, according to a Moody’s report. But the funds are putting their money into bonds rather than commercial paper.
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Demand for bank private placements has surged in recent weeks despite borrowers maintaining aggressive levels, according to medium term note dealers. The banks are expected to sell a spate of deals next week as they hope to take advantage of the demand before the Easter holidays.
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Investors are hunting Banca Popolare di Vicenza’s private placements, according to MTN dealers. Demand from overseas investors has increased since the success of its public deal in January.
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MTN issuers have had a lot of grief updating their EMTN programmes this year as they deal with the impact of the changes to the EU Prospectus Directive, according to MTN dealers. But those who put in the effort will reap the rewards as investors are hunting structured notes.
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BBVA will print more medium-term floating rate notes in the coming months after returning to the market with a €100m four year note, said MTN dealers. But the borrower’s second private placement of the year held an unusual 18 month tenor that has left dealers scratching their heads.