MTN Leak
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He wants to be a part of it, New York, New Yooooork…! That’s what the UBS MTNs desk will be singing today, as one of their best and brightest prepares for his last weekend on British soil for some time. Yes indeed.
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"You are feeling sleepy, very sleepy. Relaaax, and now give me your company card and I’ll go and buy myself a car" …is what Olly Johnson might have said in Paternoster Square this week, what with him being best friends with famous hypnotist Derren Brown and all.
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Today is a special day in the MTN markets. For possibly the very first time, Leak has cause to write about — drumroll please — a leak. Olly Johnson’s leak, to be precise (wait, we will clarify!). This week we were due to meet Bank of America Merrill Lynch’s finest for a drink, but poor old Olly had to rush home to save his house from a flooding boiler.
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The cold snap in Europe is refusing to let up, and Leak is impressed by the lengths some market participants are going to in order to escape.
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It’s raining, it’s pouring, the market is snoring… Actually, it’s snowing. But there does seem to be an element of pathetic fallacy to the markets this week. All over Europe, investors are staying at home (either by choice or because they’re snowed in) to sit out the winter rather than braving the icy wastelands of the MTN market.
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Leak is going to have to issue a stern warning about MTN bankers and financially-themed holiday destinations, as you clearly didn’t listen last time.
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Leak is suffering. We feel as if we’ve gone 10 rounds with David Haye. Well, actually we probably did do 10 rounds (maybe more – we’re not sure) of wine, beer, jagermeister and tequila with the force to be reckoned with that is the UBS team — that is David Morland, Paul Jones and Vincenzo Botta, as well as Anthony Nicholls from the land of CP. And we have to concede that if it was a battle we think they won. Well, from what we can remember anyway.
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Banks took up just Eu12.5bn of financing from a European Central Bank tender operation on Thursday, as Eu37.5bn of funding fell due, indicating Spanish and Portuguese banks are reducing their central bank funding.
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Market participants are gearing up for one of the hottest events of the year. You can feel the tension in the air.