Frequent issuer MTNs: eFunding proves that size matters

Oliver Siem and Soren Elbech:  removing the bottleneck

Norwegian export finance agency Eksportfinans has launched a portal that seeks to trigger a wholesale transformation in its private placement/structured product programme. The scheme aims to automate standard structured product transactions by enabling dealers to request a real price electronically. Once dealers enter various parameters they are issued with a mandate that holds for 24 hours. No borrower has previously managed to complete such a project, which has the capability of seriously shortening the time it takes to perform trades, providing the borrower a welcome boost in its efforts to reduce its financing costs while increasing volumes.