"The pace of government-guaranteed paper has slowed in the past few weeks. The guaranteed sector is not designed to exist much beyond this year, by definition, and as we get closer to that deadline we should see it pick up. All banks cannot wait until September or October," says Spencer Lake, global head of debt capital markets at HSBC.
The common feature of the issuing banks is that they are double-A rated – extremely well capitalized and extremely important to their domestic economies.
"At present this market is best suited for national champions and or best-in-class banks," Lake says.
The names of those that have conducted the biggest deals are highly recognizable and systemically important: UniCredit, Intesa, Rabobank, Credit Suisse, HSBC, Barclays, NRW, BNP Paribas, Commerzbank, Goldman Sachs and JPMorgan.
The non-guaranteed market is no longer the preserve of fixed-rate and longer-dated maturities. The 18-month floating-rate note has returned –...
Please log in now to view.
Enter your username (email address) and password at the top right-hand side of euromoney.com.
If you do not currently have access to this content, visit the subscription page or call our hotline on +44 (0)207 779 8999.
Subscribe online now and save up to 30%
If you are a trialist or subscriber, please enter your username and password at the top right-hand side of euromoney.com
Subscribers to Euromoney benefit from:
- 12 months access in print and online - on euromoney.com, read the latest issue early online, search for specific developments by region or sector, interrogate the results of Euromoney's benchmark polls, and view the archive dating back to 1996
- More than 30 specialist research guides free
- The results of Euromoney’s polls and surveys
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Click here to subscribe