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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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US money market funds have increased their lending to core eurozone banks, particularly in the Nordic region. But market participants don't expect volumes in these funding markets to increase by much any time soon.
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Investors have begun to warm to periphery eurozone banks but not just in the public market. Reverse inquiries for medium term notes have increased in recent weeks. Bankers predict that banks in the eurozone periphery will be busy with private placements with which they will use to issue longer tenors.
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Banca Popolare di Vicenza (BPVi) sold its largest private placement since returning to the private placement MTN market in July.
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Turkish banks — several of which launched MTN programmes this year — are diversifying their private placements, issuing in longer maturities and different currencies to reach out to new investors.
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Banco de Chile raised ¥11.1bn ($111.1m) with the first private placement from a new $2bn global medium term note programme this week, as other emerging market banks also found interest in yen.
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US prime money market funds have raised their eurozone holdings to their highest levels since August 2011, according to a report by JP Morgan Securities released on Wednesday. The majority of this increase was in French and German banks, and commercial paper bankers are split whether recent concerns over France will cause MMFs to decrease their holdings.