The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.

Best at Euro and non-Dollar Commercial Paper

Citibank

Awards for Excellence 2000


More and more dealers are coming back into the euro-commercial paper market which several of them quit almost a decade ago due to thin margins and low volumes. CSFB, Merrill Lynch and Morgan Stanley have returned to non-dollar CP to compete with firms like Citibank, Barclays Capital, Deutsche Bank, JP Morgan, NatWest, Goldman Sachs, UBS Warburg, and Lehman Brothers which stuck at it through the 1990s. The attraction is in potentially fast-growing volumes now that the single currency has removed many of the artificial barriers between national commercial paper markets and the international market that operated out of London. It is increasingly a market with a global following. The big dealers sell ECP around the world: to the Japanese investment trust manager, the middle eastern bank, the Latin American central bank. Japanese money market funds are increasingly large investors in ECP.


In Europe, which now accounts for two thirds of total investment in ECP, corporations and institutional investors are seeking to make their cash holdings produce higher returns.


The arrival of large rated money market funds, which maintain enough cash to meet expected short-term redemptions while at the same time boosting the average life of their investments by holding three and six month maturity CP, have helped.




You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree