• LeasePlan to follow private placement with groundbreaking operating lease securitisation

    Further evidence of the European securitisation market’s continuing recovery emerged on Monday as Royal Bank of Scotland revealed it had privately placed Eu139.5m of triple-A notes from LeasePlan’s UK auto lease securitisation, Bumper 3. Moreover, the issuer told EuroWeek that it is preparing a groundbreaking new securitisation.

    • 29 Jan 2010
  • Hypo Real Estate sheds Eu210bn to bad bank, EC mulls wind down

    Deutsche Pfandbriefbank would receive an individual rating if kept as a going concern in the wake of Hypo Real Estate’s restructuring, Fitch said on Wednesday.

    • 29 Jan 2010
  • NLB in talks over Eu400m 3 year

    Slovenia’s Nova Ljubljanska Banka is discussing a Eu300m-Eu400m three year loan with lenders.

    • 29 Jan 2010
  • Bondholders spurn Pearl hybrid offer

    Pearl Group might not pay the coupon due in April on a £500m hybrid tier one issue following bondholders’ refusal this week to agree to changes in the terms of the notes as part of a restructuring it is trying to push through.

    • 29 Jan 2010
  • Greek banks locked out on sovereign worries

    Bond bankers expressed fears for Greek banks’ market access on Thursday, saying that there are no bids being shown whatsoever for their paper.

    • 29 Jan 2010
  • Smooth start for LMA docs, but secondary market slows

    Secondary loans traders reported a smooth start to the use of new deal documentation launched on Monday, but were divided on how useful the changes would be.

    • 29 Jan 2010
  • Default clock ticking as GFH scrambles for debt extension

    The Middle East’s stricken debt markets suffered the prospect of another default this week after Gulf Finance House, the Bahraini investment bank, was understood to have told lenders it wants to defer repayment of part of a $300m syndicated loan.

    • 29 Jan 2010
  • AIB returns to retained as new GG scheme gets going

    AIB Mortgage Bank, the Allied Irish covered bond issuing entity, issued a Eu2bn eight year floating rate note on Wednesday, reviving issuance of deals that are likely to be used for repo funding with the European Central Bank.

    • 29 Jan 2010
  • Sub-debt market has to wait as La Caixa pulls year’s first LT2 on timing and pricing worries

    The first euro capital trade of 2010 — a 10 year bullet lower tier two transaction from La Caixa that was due to be launched this week — was postponed. Lead managers Barclays Capital, JPMorgan and La Caixa pulled the deal after it failed to generate enough momentum ahead of the issuer going into its earnings black-out period.

    • 29 Jan 2010
  • Credit Suisse

    • 29 Jan 2010
  • ASB Finance ltd

    • 29 Jan 2010
  • ING files lawsuit with EU court over Eu2bn payment

    ING on Thursday filed an appeal against the way the European Commission has calculated the amount of support it has received from the Dutch government.

    • 29 Jan 2010
  • Dollar tranche helps Lloyds draw demand for Permanent in first MBS deal of 2010

    Lloyds Banking Group, which reopened the European ABS market last September with its UK master trust RMBS Permanent 2009-1, is set to price the first mortgage backed deal of the year today (Friday). The £2.47bn equivalent issue from the same trust will also mark the first European ABS since the start of the credit crisis to carry a US dollar tranche.

    • 29 Jan 2010
  • Allied Irish Banks

    • 29 Jan 2010
  • NIBC first victim of new S&P covered bond criteria

    Standard & Poor’s downgraded the first covered bond programme under its revised rating methodology yesterday (Thursday), cutting NIBC’s covered bonds from AAA to AA. The rating was withdrawn at NIBC’s request. Meanwhile S&P affirmed GCE Covered Bonds’ and Société Générale SCF’s programmes at AAA.

    • 29 Jan 2010
  • Credit Suisse in biggest Swiss franc issue since pre-crisis

    Credit Suisse on Tuesday issued a Sfr650m five year bond, making it the largest single tranche senior issue from a financial institution since before the credit crisis.

    • 29 Jan 2010
  • Non-deal roadshow ends for Close, ASB raises £200m

    Close Brothers, the UK merchant bank, is set to complete a non-deal roadshow today (Friday). If the bank does decide to issue it would be its first sterling benchmark since 2001.

    • 29 Jan 2010
  • Issuers explore US options after CIBC dollar success

    Canadian Imperial Bank of Commerce priced the first US-targeted benchmark covered bond in two-and-a-half years on Wednesday, a $2bn (Eu1.42bn/C$2.12bn) three year transaction that attracted more than $4bn of orders, and the deal is said to have generated enquiries from European issuers as to what is now feasible in the US.

    • 29 Jan 2010
  • Dante CDO ruling sets up US/UK swap conflict

    A landmark ruling by the Lehman Brothers bankruptcy court this week has cast a shadow over the securitisation market, rendering a near-ubiquitous market practice void and threatening the ratings of thousands of deals.

    • 29 Jan 2010
  • CEBS to bow to Basel on tougher bank capital rules

    Giovanni Carosio, the chairman of the Committee of European Banking Supervisors (CEBS), said this week that solutions to bank regulation should be global.

    • 29 Jan 2010
  • Akbank undecided whether to go for 150bp or two years

    Turkey’s Akbank is deciding whether to issue a two year loan — a tenor unheard of for Turkish financial institutions in the last three years — or a one-year deal with aggressive pricing of 150bp all in.

    • 29 Jan 2010
  • Fortis Bank Nederland

    • 29 Jan 2010
  • Southpaw: BofA Merrill offers 25% cash as FSA turns up heat on latest London bonus round

    Bank of America Merrill Lynch’s star bankers say the firm could be about to renege on pay deals put in place last year to retain staff. The bank appears to have settled on a solution already used by Citi and Royal Bank of Scotland to pay some of its bonuses, writes David Rothnie.

    • 29 Jan 2010
  • BoE calls for pay-out ban and contingent capital

    A widespread take-up by banks of contingent capital could lower the chances of financial crises occurring in the future, said Andrew Haldane, executive director of financial stability at the Bank of England.

    • 29 Jan 2010
  • BMW Leasing on lap of honour after ABS return

    Investors piled into the first publicly offered ABS of 2010 this week, making BMW Leasing’s Bavarian Sky Compartment 2 the first non-private securitisation to breach the 100bp barrier since 2008. The Eu742m deal was covered three times.

    • 29 Jan 2010
  • FBN gets Eu6bn demand for pre-merger deal

    This week’s only senior unsecured bank issue shrugged off challenging market conditions to attract a hefty order book of Eu6bn. Tuesday’s successful inaugural dual tranche deal from Fortis Bank Nederland underscored the nationalised bank’s investor appeal ahead of its likely merger with ABN Amro’s Dutch business – also owned by the government – later this year.

    • 29 Jan 2010
  • FIG and real estate to trigger new issue flood

    The US financial and property sectors are poised for a major surge in capital markets activity with a clutch of mandates up for grabs, said bankers this week.

    • 29 Jan 2010
  • ECB keeps to target path despite slip-up

    Reported purchases under the European Central Bank’s covered bond programme rose by Eu1.291bn this week to Eu33.104bn this (Friday) morning, putting the ECB just Eu16m behind an assumed target path.

    • 29 Jan 2010
  • BoE’s Haldane calls for pay-out ban and contingent capital

    A widespread take-up by banks of contingent capital could lower the chances of financial crises occurring in the future, said Andrew Haldane, executive director of financial stability at the Bank of England.

    • 28 Jan 2010
  • Greek banks locked out as sovereign concerns spill to peripherals

    Bond bankers expressed fears for Greek banks’ market access on Thursday, saying that there are no bids being shown whatsoever for their paper.

    • 28 Jan 2010
  • AIB turns to GG benchmark

    Allied Irish Banks has begun marketing a three year Irish government guaranteed transaction on Thursday, swiftly following a Eu2bn retained covered bond issued on Wednesday.

    • 28 Jan 2010
  • SCBC feels its way carefully amid blackouts

    Swedish Covered Bond Corporation took advantage of limited supply in the primary market this week, with many other issuers in blackout periods, to price a Eu1bn five year issue that extended its outstanding benchmark curve and coincides with a Eu1bn jumbo redemption next Monday (1 February).

    • 28 Jan 2010
  • ING files lawsuit with EU court over Eu2bn payment

    ING on Thursday filed an appeal against the way the European Commission has calculated the amount of support it has received from the Dutch government.

    • 28 Jan 2010
  • Rare ASB eyes long three-year as Close Brothers takes a look

    ASB Finance is expected to price a £200m December 2013 transaction via sole lead manager RBC CM later on Thursday.

    • 28 Jan 2010
  • Kookmin issues as Korea relents on Samurai

    Kookmin Bank on Thursday became the first Korean issuer in the Samurai market this year, raising ¥30bn ($332m) in a two year deal that showed Korea’s finance ministry has softened its stance on overseas funding.

    • 28 Jan 2010
  • Pearl’s April coupon in doubt as bondholders spurn offer

    Pearl Group might not pay the coupon on its £500m hybrid tier one issue due in April following bondholders’ refusal to agree to changes in the terms of the notes as part of a restructuring it is trying to push through.

    • 28 Jan 2010
  • Asian bookrunners comments - January 29, 2010

    • 28 Jan 2010
  • Fitch expected revision to lead to more downgrades

    Fitch has completed a review of 109 covered bond programmes, applying its revised assumptions for treating liquidity risk in covered bonds. The implementation of the new criteria had a more limited impact on ratings than the rating agency initially expected, Fitch said yesterday (Wednesday).

    • 28 Jan 2010
  • Permanent offers price guidance in the low 100s

    Bank of America Merrill Lynch, JP Morgan and Lloyds have released price guidance for HBOS’s £2bn equivalent RMBS Permanent Master Issuer 2010-1.

    • 27 Jan 2010
  • Fortis shows how it’s done with Eu4bn show of strength

    Fortis Bank Nederland was praised by market participants for adopting the right strategy for its inaugural dual tranche issue on Tuesday when it priced a Eu2bn two year FRN and Eu2bn five year fixed rate issue which attracted over Eu6bn of orders.

    • 27 Jan 2010
  • SCBC tighter than whispers, CIBC sells out in US

    Swedish Covered Bond Corporation is preparing to price at the tight end of revised guidance a Eu1bn five year issue that was more than twice subscribed, while CIBC met strong demand for the first benchmark covered bond aimed at US investors in two-and-a-half years.

    • 27 Jan 2010
  • Fitch to rate Deutsche Pfandbriefbank after EC ruling

    Deutsche Pfandbriefbank would receive an individual rating if kept as a going concern in the wake of Hypo Real Estate’s restructuring, Fitch said on Wednesday.

    • 27 Jan 2010
  • Irish trio hit by S&P’s worsening expectations

    Standard & Poor’s yesterday (Tuesday) downgraded Allied Irish Banks, Anglo-Irish Bank and Bank of Ireland after updating its credit loss assumptions for Irish banks and lowering its risk assessment of the country’s banking industry.

    • 27 Jan 2010
  • La Caixa’s LT2 pulled amid blackout and pricing fears

    The first euro capital trade of 2010 — a 10 year bullet lower tier two transaction from La Caixa due to be launched on Tuesday — was postponed following a decision by lead managers Barclays Capital, JPMorgan and La Caixa to pull the trade after it failed to garner momentum ahead of the issuer going into blackout.

    • 27 Jan 2010
  • GCE flies BPCE flag ahead of SFH creation

    GCE Covered Bonds, which yesterday (Tuesday) priced its second benchmark covered bond, will continue as an issuer until the BPCE group it is a part of has set up a société de financement de l’habitat (SFH) to operate under new French legislation, an official at GCE told The Cover.

    • 27 Jan 2010
  • Smooth start for LMA secondary market docs

    Secondary loans traders on Tuesday reported a smooth start to the market’s use of new deal documentation this week, though they were divided on how useful the changes would be.

    • 26 Jan 2010
  • 2010’s first ABS flies high, breaks the 100bp barrier

    Investors piled into the first publicly offered ABS of 2010, BMW Leasing’s Bavarian Sky Compartment 2, covering the Eu742m deal three times.

    • 26 Jan 2010
  • Punchy La Caixa stays local for market’s first capital deal of 2010

    La Caixa will price the first euro capital trade of the year this week. Lead managers Barclays Capital and JPMorgan have been whispering a 10 year bullet lower tier two transaction in the mid-100s and, having got some domestic demand, they are giving international investors an opportunity to look at the deal.

    • 26 Jan 2010
  • Aareal’s Eu500m pre-empts redemption, suits pool

    Aareal Bank yesterday (Monday) priced a Eu500m five year mortgage-backed Pfandbrief at 20bp over mid-swaps, tighter than any benchmark covered bond this year.

    • 26 Jan 2010
  • UBS promotes Peter, aims for top five spot

    UBS has appointed Armin Peter head of EMEA covered bonds, debt capital markets, and declared an ambition to be among the top five banks in the business within two years.

    • 26 Jan 2010
  • GCE sounds right at 28bp, SCBC heads Nordic queue

    GCE Covered Bonds has closed the order books for a three year benchmark that will be priced at the tight end of revised guidance later today (Tuesday). Swedish Covered Bond Corporation could be the next issuer to follow, having announced a mandate for a five year deal.

    • 26 Jan 2010
  • Fortis roaring ahead with Eu6bn book

    Fortis Bank Nederland is set to launch an inaugural dual tranche senior unsecured deal later on Tuesday, with the book having reached over Eu6bn by midday following its pan-European roadshow last week.

    • 26 Jan 2010
  • UBS snaps up global derivatives head from Goldman

    UBS has hired Salvatore di Stasi to lead its global corporate equity derivatives business, a role that was newly created at the bank.

    • 25 Jan 2010
  • AMP beats RMBS target as Australian recovery continues

    AMP Bank raised A$1bn ($902m) on Friday as investors warmed to the first mortgage-backed securitisation to benefit from the government's revised support programme.

    • 25 Jan 2010
  • RMBS returns as Lloyds brings Permanent 2010-1

    Lloyds Banking Group, which re-opened the European ABS market last September with its UK master trust RMBS Permanent 2009-1, is marketing the first mortgage backed deal of the year with a equivalent issue from the same trust.

    • 25 Jan 2010
  • Aareal opens books as pipeline quickly refills

    Aareal Bank was first into the covered bond market this (Monday) morning, opening books on a Eu500m five year mortgage Pfandbrief. Meanwhile, Groupe Caisse d’Epargne is building a shadow order book for its first benchmark since September 2008 and a handful of other issuers have announced mandates.

    • 25 Jan 2010
  • Euro jumbos

    • 25 Jan 2010
  • All benchmarks

    • 25 Jan 2010
  • Issuers eye second coming of covered bonds in US

    The first US-targeted benchmark covered bond for two-and-a-half years could be launched as early as today (Monday), with non-US issuers said to be testing whether US investors are ready to return to the asset class.

    • 25 Jan 2010
  • Over-subscribed Greece gives senior market hope

    The positive reception for Greece’s sovereign deal on Monday morning, with the book reaching more than Eu8bn by midday, brought hope that it will give the senior unsecured market a much needed lift.

    • 25 Jan 2010
  • LeasePlan joins auto ABS fray

    Further evidence that the European securitisation market is continuing to recover emerged on Monday as RBS revealed it had privately placed Eu139.5m of triple-A notes from LeasePlan’s UK auto lease securitisation, Bumper 3.

    • 25 Jan 2010
  • Credit Market Watchbox's 1138

    • 22 Jan 2010
  • Bankers make light of soft tone for FIG deals

    The senior unsecured market absorbed plenty of new bank debt in euros and sterling this week despite a softening tone. While most of the new issues widened by a couple of basis points, specialists in the sector shrugged this off in view of continuing investor demand.

    • 22 Jan 2010
  • Commercial banks in firing line as Obama launches Glass-Steagall Mk II

    The Obama administration on Thursday unveiled arguably the toughest new bank regulations to emerge since the financial crisis, vowing to bar banks from engaging in proprietary trading and to cap growth in financial firms’ share of liabilities.

    • 22 Jan 2010
  • JPMorgan outstrips expectations in Q4

    JPMorgan reported a net income of $3.3bn for the fourth quarter 2009, with strong investment banking earnings helping it to exceed analysts’ expectations.

    • 22 Jan 2010
  • BMW Leasing

    Lead managers Société Générale and WestLB plan to open the books for BMW Leasing’s German auto lease ABS, Bavarian Sky Compartment 2, on Monday after roadshows end today (Friday) in Frankfurt.

    • 22 Jan 2010
  • The Governor & Company of the Bank of Ireland

    • 22 Jan 2010
  • S&P affirms GE OFs, 82 still on negative CreditWatch

    Standard & Poor’s has affirmed GE SCF’s covered bond programme at AAA under its new covered bond rating methodology, which leaves 82 programmes on CreditWatch negative. It also assigned a AAA rating and a stable outlook to the first issue launched by HSBC Covered Bonds (France).

    • 22 Jan 2010
  • Goldman comes out on top with FICC boost, pay drop

    Goldman Sachs trumped all of its US banking peers releasing fourth quarter and full year results this week, with its strong performance in fixed income in particular supporting a quarterly profit of $4.95bn.

    • 22 Jan 2010
  • Secondary market gets much needed injection of supply

    The secondary loans market picked up sharply this week, with traders reporting a welcome increase in offers.

    • 22 Jan 2010
  • Jefferies hires Anbar-Colas to head CLO trading

    Sharif Anbar-Colas, until 2008 head of CDO trading at UBS, has joined Jefferies as a managing director and head of CLO and CDO trading based in London.

    • 22 Jan 2010
  • Crédit Agricole leverages yen investors with biggest deal yet

    Crédit Agricole sold a ¥23.5bn ($26m) five year fixed rate note via Calyon on Thursday — the borrower’s largest yen trade to date, according to Dealogic data. The par-priced note pays a 1% coupon.

    • 22 Jan 2010
  • Banco Popolare

    • 22 Jan 2010
  • Spanish and UK banks the riskiest, says Fitch

    Weakening asset quality is likely to be a bigger concern for UK and Spanish banks than other European financial institutions in 2010, said rating agency Fitch in a report on the sector published this week.

    • 22 Jan 2010
  • Westpac Banking Corp

    • 22 Jan 2010
  • Second highest week’s total puts ECB back on track

    The European Central Bank reported Eu2.134bn of covered bond purchases this week, the second highest week’s total since its programme began last July.

    • 22 Jan 2010
  • Morgan Stanley still lags rivals in fixed income

    Morgan Stanley failed to make up ground with its Wall Street rivals in sales and trading at the end of 2009, as it reported fourth quarter earnings of $376m on Wednesday, down 24% from the previous three months.

    • 22 Jan 2010
  • CA finds recipe for success in choppy market

    Crédit Agricole yesterday (Thursday) priced a Eu2bn three year issue after building the biggest order book for a covered bond benchmark launched so far this year despite challenging market conditions.

    • 22 Jan 2010
  • Intesa Sanpaolo

    • 22 Jan 2010
  • Fitch NHG RMBS review

    Fitch has placed 23 tranches from 10 Dutch RMBS programmes backed by Nationale Hypotheek Garantie mortgages on rating watch negative because of planned changes to its methodology.

    • 22 Jan 2010
  • Eight Pfandbriefe on Fitch RWN – too soon, says vdp

    Fitch yesterday (Thursday) placed on Rating Watch negative (RWN) the mortgage Pfandbriefe of eight German banks and maintained a negative review on another’s over what it higher risk in commercial real estate lending and limited collateral information. The Association of German Pfandbrief Banks (vdp) has called the timing of the rating action “incomprehensible”.

    • 22 Jan 2010
  • Bonds Tables 1138

    • 22 Jan 2010
  • Simon bucks slowdown to raise $2.25bn

    Simon Property Group and EDF priced substantial deals in the US investment grade market this week, but, with European financials largely absent, activity slowed sharply and bankers warned that deal flow may not increase through to the end of the year.

    • 22 Jan 2010
  • BoI under pressure as EC threatens further dilution

    Bank of Ireland’s share price fell by over 4% on Tuesday as equity markets priced in the possibility of further dilution as a result of the European Commission’s intervention in the bank’s coupon schedules.

    • 22 Jan 2010
  • Positive response for Santander buy-back

    The average success rate on Banco Santander’s lower tier two and upper tier two buy-backs reached around 60%, the bank said this week.

    • 22 Jan 2010
  • Euro jumbos for other* issuers - final standings 2009

    *This league table is for euro jumbos in 2009 excluding German, French and Spanish deals, which are featured in their own league tables.

    • 22 Jan 2010
  • Markit Data 1138

    • 22 Jan 2010
  • ANZ promotes ‘Chalky’ White to global head of syndicate

    Paul ‘Chalky’ White has been promoted to global head of syndicate and global head of frequent issuer origination at Australia & New Zealand Banking Group. He will remain in Australia, based in Melbourne and Sydney.

    • 22 Jan 2010
  • UBS hires for new insurance and pensions group

    UBS has hired Tesula Mohindra, Ian Aley, David Still and Tim Coulson to work in a newly created insurance and pension industry group that will sit in the bank’s EMEA fixed income, currencies and commodities division. They join from Paternoster, an insurance company focused on providing risk solutions for pension funds.

    • 22 Jan 2010
  • VW unveils ECB eligible lease warehouse

    HSBC has closed an innovative warehouse facility for VW Financial Services’ auto leasing business. The vehicle, VCL Master, issues triple-A rated notes to investors that are designed to be eligible for repo with the European Central Bank, expanding the potential investor base for the facility.

    • 22 Jan 2010
  • Relief for tier one market as Société Générale calls

    Société Générale this week said that it will retire its Eu500m 7.875% hybrid tier one issue at the first opportunity on February 22, ending speculation that it could allow the deal to roll over. The call will relieve hybrid tier one investors. With just under $22bn of hybrid tier one issues up for call this year, according to Dealogic, 2010 is set to be a testing year for the product.

    • 22 Jan 2010
  • Credit Suisse

    • 22 Jan 2010
  • Bailout exit and credit losses hit Citi numbers

    Citi posted a $7.6bn loss for the fourth quarter on Tuesday, mainly resulting from the repayment of $20bn of preference shares held by the government and continued credit losses from its consumer and corporate loan books.

    • 22 Jan 2010
  • Westpac

    • 22 Jan 2010
  • New Irish government guarantee scheme proves a hit

    Bank of Ireland priced the biggest Irish government guaranteed transaction to date this week — a Eu2.5bn five year deal that attracted an order book in excess of Eu3.3bn.

    • 22 Jan 2010
  • ‘Fair’ or ‘unrepresentative’? CBIC call hits a nerve

    The Covered Bond Investor Council yesterday (Thursday) called for an end to the recent practice of building shadow order books based on price whispers, and urged a return to traditional methods.

    • 22 Jan 2010
  • LBBW ditches S&P, as eight get Fitch RWN

    Standard & Poor’s will no longer rate Landesbank Baden-Württemberg’s Pfandbriefe or other debt after the German bank ended its contract with the rating agency.

    • 22 Jan 2010
  • VEB deal boosts Russia but bankers lament thin pipeline

    Bankers have played down the chances of many syndicated loans from Russia’s financial institutions in the coming months, despite Vnesheconombank boosting the market by signing an $844m deal late last week.

    • 22 Jan 2010
  • BofA slumps to loss but IB revenues shine

    Bank of America reported a $5.2bn fourth quarter net loss this week, driven by a $4bn hit from the repayment of government owned preference shares.

    • 22 Jan 2010
  • UBS hires for new insurance and pensions group

    UBS has hired Tesula Mohindra, Ian Aley, David Still and Tim Coulson to work in a newly created insurance and pension industry group that will sit in the bank’s EMEA fixed income, currencies and commodities division.

    • 21 Jan 2010
  • India Eximbank hires two to lead dollar bond debut

    Export-Import Bank of India is to make its debut in the dollar market next week after hiring two banks to arrange investor meetings in Asia and Europe.

    • 21 Jan 2010
  • Westpac nets $1.26bn in first Samurai bond issue of 2010

    Westpac Banking Corp raised ¥111.3bn ($1.26bn) last Friday (January 15) in the first Samurai bond of the year, opening the door for Australia’s banks to return to the market. The issue included the first seven year Samurai from any Australian private sector issuer, highlighting the growing demand for Australian risk in the conservative Japanese market.

    • 21 Jan 2010
  • BofA slumps to $5.2bn Q4 loss but IB revenues shine

    Bank of America reported a $5.2bn fourth quarter net loss yesterday, driven by a $4bn hit from the repayment of government owned preference shares.

    • 21 Jan 2010
  • Investors flock to BoI after taking to new Irish GG 5yr format

    Bank of Ireland will price the first government guaranteed transaction under the updated Irish guarantee scheme later on Thursday.

    • 21 Jan 2010
  • LBBW terminates S&P contract

    Standard & Poor’s will no longer rate Landesbank Baden-Württemberg’s Pfandbriefe or other debt after the German bank ended its contract with the rating agency. The covered bond issuer is believed to be the first to have done so since S&P announced its controversial new rating methodology on 16 December.

    • 21 Jan 2010
  • Euro jumbos for Spanish issuers - final standings 2009

    • 21 Jan 2010
  • BNPP cut on loan quality, investment banking tail risk

    Moody’s yesterday (Wednesday) downgraded BNP Paribas’s senior debt rating from Aa1 to Aa2, on stable outlook, to capture tail risks from the bank’s investment banking operations and continuing pressure on asset quality from loan books.

    • 21 Jan 2010
  • Dexia MA’s 12 year game for yield-hunters

    Dexia Municipal Agency took advantage of a back-up in yields to yesterday (Wednesday) price a Eu1bn 12 year covered bond.

    • 21 Jan 2010
  • Prudential comfortable in sterling despite short maturity

    Prudential issued £250m of three year bonds on Wednesday, with the deal being comfortably oversubscribed, despite the sweet spot for sterling investors being further along the maturity curve.

    • 21 Jan 2010
  • Morgan Stanley still lagging rivals in FI sales and trading

    Morgan Stanley failed to make up ground with its Wall Street rivals in sales and trading at the end of 2009, as it reported fourth quarter earnings of $376m on Wednesday, down 24% from the previous three months.

    • 21 Jan 2010
  • Strong Crédit Agricole three year raises hopes

    Crédit Agricole has closed the order books for a three year benchmark covered bond that will be priced at the tight end of guidance on the back of Eu3bn of orders.

    • 21 Jan 2010
  • CBIC urges end to shadow books and price whispers

    The Covered Bond Investor Council questioned the practice of building shadow order books based on price whispers and urged issuers to return to traditional bookbuilding methods in a statement released this (Thursday) afternoon. Click through for the full statement.

    • 21 Jan 2010
  • Samurais on pause as Korea reins in KNOC

    Korea National Oil Corp delayed its plans for a Samurai bond this week in a move that bankers said was prompted by Korea’s Ministry of Strategy and Finance (MoSF), which is discouraging issuers from raising money outside of the domestic market.

    • 21 Jan 2010
  • RenCap boosts FIG franchise

    Renaissance Capital, the Russian investment bank, has hired Zoltan Szalai from Troika Dialog to head up its financial institutions group.

    • 20 Jan 2010
  • Prudential next in line with sterling issue

    The following deals have been announced, rumoured or mandated. In case of errors or omissions, please contact Hélène Durand on +44 207 779 7314 or hdurand@euroweek.com

    • 20 Jan 2010
  • Spanish and UK banks the riskiest, says Fitch

    Weakening asset quality is likely to be a bigger concern for UK and Spanish banks than other European financial institutions in 2010, said rating agency Fitch in a report on the sector on Tuesday.

    • 20 Jan 2010
  • Hungary’s biggest lender heads to Swiss francs

    OTP Bank, Hungary’s biggest lender, will issue at least Sfr100m of two year bonds later this week.

    • 20 Jan 2010
  • Santander gets its Eu1bn but doesn’t fly

    Banco Santander closed the books on a Eu1bn five year cédulas hipotecarias issue yesterday (Tuesday) afternoon after five-and-a-half hours of bookbuilding, with orders only just matching the deal size.

    • 20 Jan 2010
  • Dexia MA goes long, Lloyds does the rounds

    Dexia Municipal Agency has launched a 12 year obligations foncières issue, the longest dated benchmark covered bond of the year, with the order books clearing the Eu1bn mark earlier this (Wednesday) morning. Meanwhile, Lloyds TSB has completed a non-deal roadshow for its covered bond programme.

    • 20 Jan 2010
  • Prudential next in line to issue in sterling market

    Prudential is expected to issue £250m of three year bonds via Bank of America Merrill Lynch, Barclays Capital, Deutsche Bank and JP Morgan later this week.

    • 20 Jan 2010
  • Bailout exit, credit losses, contribute to $7.6bn loss at Citi

    Citi posted a $7.6bn loss for the fourth quarter on Tuesday, mainly resulting from the repayment of $20bn of preference shares held by the government and continued credit losses from its consumer and corporate loan books.

    • 20 Jan 2010
  • Euro jumbos for German issuers - final standings 2009

    • 20 Jan 2010
  • National Bank of Kuwait goes for growth with capital increase

    Commercial lender National Bank of Kuwait is planning a 10% capital increase, proceeds from which will be used to finance growth.

    • 19 Jan 2010
  • Relief for tier one market as SG calls deal

    Société Générale will retire its Eu500m 7.875% hybrid tier one issue at the first opportunity on February 22, thus ending speculation that it would allow the deal to roll over.

    • 19 Jan 2010
  • BoI under pressure as EC threatens further dilution

    Bank of Ireland’s share price fell by over 4% from Monday’s close as equity markets priced in the possibility of further dilution as a result of the European Commission’s intervention in the bank’s coupon schedules.

    • 19 Jan 2010
  • Intesa looks to sterling as euro deals underperform

    Intesa Sanpaolo is expected to issue 12 year bonds in the senior sterling market later on Tuesday which, in contrast to the glut of issuance in the euro market, has not been tapped since the beginning of 2010.

    • 19 Jan 2010
  • Euro jumbos for French issuers - final standings 2009

    • 19 Jan 2010
  • S&P affirms five more covered bond programmes

    Standard & Poor’s yesterday (Monday) affirmed a further five covered programmes at AAA under its new covered bond rating methodology, taking the number of programmes that have kept their top rating to 11.

    • 19 Jan 2010
  • Santander veers from 10s to fives, Dexia eyes 12s

    Banco Santander opened books on a five year cédulas hipotecarias with guidance of the 50bp over mid-swaps area this (Tuesday) morning, surprising market participants because a 10 year issue had initially been expected. Meanwhile, Dexia Municipal Agency is said to be preparing a 12 year benchmark.

    • 19 Jan 2010
  • All benchmarks 2010

    • 19 Jan 2010
  • First issuer of week urged to set a good example

    The first new mandate of the week is expected to be announced soon and its reception could give an indication as to whether or not the record pace of the past fortnight can be sustained, or whether the difficulties faced by some issuers last week will resurface.

    • 18 Jan 2010
  • Westpac nets $1.26bn in first Samurai bond issue of 2010

    Westpac Banking Corp raised ¥111.3bn ($1.26bn) on Friday from a dual-tranche deal in the first Samurai bond of the year from an Australian bank.

    • 18 Jan 2010
  • Equities shine for JPM but fixed income boom fizzles out

    JP Morgan reported a net income of $3.3bn for the fourth quarter 2009, with strong investment banking earnings helping the company to exceed analysts’ expectations.

    • 18 Jan 2010
  • Data corner: all covered bonds

    These charts and tables provide an overview of covered bond issuance in 2009, breaking down total supply by country, currency, maturity, and month, and also compare 2009 issuance volumes with supply in previous years.

    • 18 Jan 2010
  • Data corner: all benchmarks

    These charts and tables provide an overview of benchmark covered bond issuance in 2009, breaking down total supply by country, maturity, and month, and also compare 2009 issuance volumes with supply in previous years.

    • 18 Jan 2010
  • Credit Suisse ventures out into weak senior FIG market

    Credit Suisse is set to issue up to Eu2bn of seven year bonds later on Monday, in an otherwise quiet senior market following the weaker tone at the end of last week.

    • 18 Jan 2010
  • Barclays takes early lead in international euro FIG table — UBS at the races

    Barclays Capital has taken top spot in Dealogic’s 2010 international euro FIG table following two hectic weeks of senior issuance with a 9.57% market share.

    • 18 Jan 2010
  • CGD last to brave week, but pause could be brief

    Caixa Geral de Depósitos shrugged off Abbey’s retreat from issuance plans and weaker sentiment towards peripheral sovereigns to price a 10 year issue yesterday (Thursday) afternoon, with the order books built as Portuguese sovereign spreads gapped out. And more issuers are said to be considering coming to market next week.

    • 15 Jan 2010
  • UniCredit hires Pezier to head FIG equities

    UniCredit has hired former Bear Stearns banker Emmanuel Pezier as a managing director for its financial institutions group within equity capital markets. He will also be responsible for financial sponsors.

    • 15 Jan 2010
  • Dexia Crédit Local

    • 15 Jan 2010
  • US banks facing EU-style due diligence rules

    US regulators revealed plans to tighten rules for ABS issues and investment this week. The Securities and Exchange Commission is preparing changes to disclosure rules and eligibility requirements for shelf offerings of asset backed securities, while the Federal Deposit Insurance Corp plans to introduce loan level analysis requirements for bank treasuries, echoing similar rules adopted last year by the European Union.

    • 15 Jan 2010
  • Bank of New Zealand

    • 15 Jan 2010
  • Banesto

    • 15 Jan 2010
  • LatAm names rush in before market turns

    Latin American borrowers rushed to issue at cheap rates this week in an attempt to get in before market conditions soften.

    • 15 Jan 2010
  • Mcgeary replaces hybrids head Jurdjevic in Citi DCM

    Simon Mcgeary, previously head of insurance hybrids at Citi, has been promoted to head of the European new product group. He replaces Peter Jurdjevic who left the bank in December for Barclays Capital.

    • 15 Jan 2010
  • Bond refinancings boost secondary loans market

    A spate of bonds issued to refinance bank debt boosted the secondary loan market this week, with investors struggling to find places to put cash.

    • 15 Jan 2010
  • KBC Ifima

    • 15 Jan 2010
  • Yankee financial flood slams brakes on rally

    An onslaught of Yankee bank debt this week triggered a slip in prices in the aftermarket as investors struggled to digest the supply. Nevertheless, the competitive pricing for the deals at launch confirmed strong demand for banks — despite volatile secondary markets — amid diminishing returns on non-financial paper, said bankers.

    • 15 Jan 2010
  • Banco Espírito Santo

    • 15 Jan 2010
  • SNS Bank

    • 15 Jan 2010
  • Banco Comercial Portugûes

    • 15 Jan 2010
  • IKB under fire after below-par loan buys for Bacchus CLO

    IKB Fund Management may have breached the investment management agreement for a Eu400m collateralised loan obligation — Bacchus 2006-1 — by buying assets that did not meet eligibility criteria, the issuer announced this week.

    • 15 Jan 2010
  • Banco Santander taking a new broom to its capital base

    Banco Santander has offered to buy back up to Eu3.4bn (equivalent) of upper tier two and lower tier two securities. Any and all validly accepted tenders will be accepted and there is no cap.

    • 15 Jan 2010
  • GIH restructuring to go live on Monday

    • 15 Jan 2010
  • VEB signs $850m loan

    • 15 Jan 2010
  • Barclays Bank

    • 15 Jan 2010
  • Structured Finance News in Brief, January 15, 2010

    • 15 Jan 2010
  • Short dated surge leaves issuers struggling

    The senior unsecured market has had its biggest January in three years, leaving some issuers to struggle for investors’ attention this week. Though strong names offering generous spreads and popular, longer maturities prospered, those looking to the short-end suffered.

    • 15 Jan 2010
  • Banco BPI

    • 15 Jan 2010
  • Millennium on expansion trail via rights issue

    Poland’s Bank Millennium launched its Z1.06bn ($366.6m) rights issue this week with an appeal to investors to focus on its growth strategy.

    • 15 Jan 2010
  • Banco Cooperativo Español

    • 15 Jan 2010
  • Dexia shines out in a murky week for GGBs

    Dexia Crédit Local attracted nearly Eu3bn of orders for its third government guaranteed offering of 2010 this week. The large deal size of Eu2.5bn and narrow spread contrasted with the week’s two other issues in the asset class from a pair of Spanish banks.

    • 15 Jan 2010
  • SG shocks as Eu1.4bn hit blights fourth quarter numbers

    Société Générale reminded the world that the financial crisis is far from over when it warned on Wednesday morning that a pre-tax hit of Eu1.4bn on risky assets and a fall in fixed income revenues meant it would only make a slight profit in the fourth quarter of 2009.

    • 15 Jan 2010
  • Bonds Tables 1137

    • 15 Jan 2010
  • International Euro FIG

    • 15 Jan 2010
  • German auto lenders capitalise on secondary market rally

    German auto loans dominated the primary European ABS market this week. FCE Bank, Ford’s European captive finance arm, sold down Eu300.18m of auto loan ABS originally issued and retained in 2008, while BMW Leasing is to begin roadshows for its second European ABS, the Eu800m Bavarian Sky Compartment 2 today (Friday).

    • 15 Jan 2010
  • BBVA Senior Finance

    • 15 Jan 2010
  • Caisse Centrale du Crédit Immobilier de France (3CIF)

    • 15 Jan 2010
  • Royal Bank of Scotland

    • 15 Jan 2010
  • New FIG debt chief for HSBC as Domanico quits

    Christoph Hittmair has replaced Sébastien Domanico as head of HSBC’s European financial institution group DCM, EuroWeek understands.

    • 15 Jan 2010
  • Nationwide Building Society

    • 15 Jan 2010
  • First 2010 settlements fuel pick-up in ECB spending

    Buying under the European Central Bank’s Eu60bn purchase programme has picked up after a lull over the winter holidays, with this week’s reporting capturing any purchases of the first of last week’s flurry of deals.

    • 15 Jan 2010
  • Unfinished business: Crompton quits UKFI

    John Crompton’s departure as the UKFI’s head of market investments this week came soon after one of the UK’s largest banking refinancings was completed successfully. But he still leaves some unfinished business behind.

    • 15 Jan 2010
  • TSKB keeps Turkey going

    • 15 Jan 2010
  • Caja de Ahorros de Valencia Castellón y Alicante

    • 15 Jan 2010
  • Credit Market Watchbox's 1137

    • 15 Jan 2010
  • Markit Data 1137

    • 15 Jan 2010
  • Spread and maturity combo hit sweet spot

    Financial institutions willing to give investors what they wanted were able to find deep pools of liquidity this week, despite signs of weakening market conditions.

    • 15 Jan 2010
  • Citi promotes Mcgeary to replace Jurdjevic

    Simon Mcgeary, previously head of insurance hybrids at Citi, has been promoted to head of the European new product group and replaces Peter Jurdjevic who left the bank in December for Barclays Capital.

    • 14 Jan 2010
  • New FIG chief for HSBC as Domanico quits

    Christoph Hittmair has replaced Sébastien Domanico as head of HSBC’s European financial institution group DCM, EuroWeek understands.

    • 14 Jan 2010
  • Barclays and RBS hit investor sweet spot

    Issuers offering generous spreads, and bonds in the longer dated part of the curve, have attracted strong demand from investors, despite the crowding in the senior unsecured market in recent days.

    • 14 Jan 2010
  • HSBC France debut successfully swims against tide

    In contrast to most of this week’s supply, the inaugural HSBC Covered Bonds (France) transaction was yesterday (Wednesday) priced at the tight end of where it had been whispered, despite being the seventh seven year of 2010 and being launched into a weak market.

    • 14 Jan 2010
  • Abbey calls off issuance plans but CGD undeterred

    Caixa Geral de Depósitos is set to take Abbey’s place as the record ninth benchmark covered bond issuer this week, after the Portuguese but not the UK bank decided to brave the week’s widening market.

    • 14 Jan 2010
  • Barclays hires Padova Hanson from RBS

    Liz Padova Hanson, who was previously head of US covered bond structuring at RBS/ABN Amro, has joined Barclays Capital as a managing director in the bank’s asset securitisation origination business in the Americas.

    • 14 Jan 2010
  • Euro jumbos excluding taps - Final standings 2009

    • 14 Jan 2010
  • Three’s no crowd for UBS

    UBS yesterday (Wednesday) launched the week’s third three year in quick succession but there was still enough demand for the leads to size a Eu1.5bn deal on the back of a Eu2bn order book.

    • 14 Jan 2010
  • GG hat-trick for hectic Dexia

    Dexia Crédit Local attracted strong demand for its Eu2.5bn four year government guaranteed bond, which it issued on Thursday.

    • 14 Jan 2010
  • Swedbank secures first mover advantage

    Swedbank Mortgage this week became the first issuer to price a three year benchmark covered bond this year, before two other deals followed quickly in the same maturity. The issuer told The Cover that it wanted to distinguish itself from the longer dated issuance that had dominated supply so far.

    • 14 Jan 2010
  • Crunch time for bank hybrid callers

    Hybrid tier one issuance has yet to make an appearance this year — and, thanks to the Basel Committee, it is unlikely to for months.

    • 13 Jan 2010
  • BMW launches first public ABS of 2009

    Société Générale and WestLB will shortly begin roadshows for Bavarian Sky Compartment 2, a Eu800m German auto lease ABS for BMW Leasing.

    • 13 Jan 2010
  • SG shocks as RMBS CDOs dog fourth quarter numbers

    Société Générale reminded the world that the financial crisis is far from over when it warned on Wednesday morning that a pre-tax hit of Eu1.4bn on risky assets and a fall in fixed income revenues meant it would only make for slight profit in the fourth quarter of 2009.

    • 13 Jan 2010
  • Too much, too fast? Brazilians banks squeeze hard

    Three Brazilian banks have been chasing tight yields, with two pricing deals and a third to come, but market participants have raised concerns over levels and secondary market conditions.

    • 13 Jan 2010
  • Record ninth benchmark of the week on the way

    The benchmark covered bond market is today (Wednesday) set to break through the previous record for issuance in a week, with HSBC Covered Bonds and UBS having launched seven and three year deals, respectively, and Abbey understood to be whispering a five year issue.

    • 13 Jan 2010
  • Investors back in charge as supply takes its toll

    The sheer weight of supply in the senior unsecured financial institutions market could force prices widen, with market participants warning that issuers may have to be more generous in order to attract investors.

    • 13 Jan 2010
  • Busy Dexia allows market to catch its breath

    Dexia Crédit Local will wait until Thursday to price its four year government guaranteed transaction, according to the lead managers on the issue.

    • 13 Jan 2010
  • Strong market and pricing levels lure DnB Nor back

    DnB Nor Boligkreditt launched its first issue for a year-and-a-half and longest dated covered bond benchmark on Monday and the issuer told The Cover that it had accelerated its issuance plans to take advantage of the strong market reopening and pricing on offer.

    • 13 Jan 2010
  • Sabadell confident despite effects of indigestion

    Banco de Sabadell on Monday returned to the benchmark covered bond market after an absence of more than a year-and-a-half. The issuer told The Cover that it announced its deal after watching the market get off to a strong start, and is confident that, after a spell of market indigestion, its issue will perform in the long run.

    • 13 Jan 2010
  • High quality bid lifts CFF three year to Eu2bn

    Compagnie de Financement Foncier negotiated a tricky turn in the market to launch the largest three year covered bond since May 2008 yesterday (Tuesday). The issuer told The Cover that the deal’s size reflected the strong demand it encountered, especially from Asian and central bank buyers.

    • 13 Jan 2010
  • All covered bonds - Final standings 2009

    • 12 Jan 2010
  • Lloyds TSB joins Regulated Covered Bond register

    Lloyds TSB Bank’s Eu15bn global covered bond programme has been added to the UK’s Regulated Covered Bond register.

    • 12 Jan 2010
  • pbb crosses Eu1bn threshold to get the job done

    Deutsche Pfandbriefbank yesterday (Monday) built a Eu1.1bn order book for its third benchmark covered bond since the restructuring of Hypo Real Estate Group, a Eu1bn seven year public sector Pfandbrief. The level of oversubscription was not particularly high, the issuer told The Cover, but investor demand was strong enough to allow Pfandbriefbank (pbb) to hit its target.

    • 12 Jan 2010
  • Crunch time for bank hybrid callers

    Hybrid tier one issuance has yet to make an appearance this year — and, thanks to the Basel Committee, it is unlikely to for months. But not only do banks have to worry about future-proofing new deals, they also have to work out what to do with $22bn of bonds callable in 2010.

    • 12 Jan 2010
  • Unfinished business: Crompton quits UKFI

    John Crompton’s departure as the UKFI’s head of market investments comes only weeks after one of the UK’s largest banking refinancings was completed successfully. But he still leaves some unfinished business behind.

    • 12 Jan 2010
  • $80bn and counting: senior unsecured goes ballistic

    The prospect of rising interest rates and worryingly high levels of refinancing due this year has prompted a raft of financial institutions to jump into the senior unsecured market, with volumes since 2010 began double that of the same period in 2009 and 2008.

    • 12 Jan 2010
  • Sovereign supply fears weigh on Spanish GG supply

    Banco Cooperativo Español will issue the second five year Spanish government guaranteed transaction of the week via Banco Santander, Caja Madrid, DZ Bank later on Tuesday.

    • 12 Jan 2010
  • Honeymoon over as heavy supply hits spreads

    Two issuers are understood to be building shadow order books today (Tuesday) in spite of the benchmark covered bond market having suffered its most difficult 24 hours since the flood of issuance began a week ago.

    • 12 Jan 2010
  • UniCredit hires FIG equities head

    UniCredit has hired former Bear Stearns banker Emmanuel Pezier as a managing director for its financial institutions group within equity capital markets. He will also be responsible for financial sponsors.

    • 11 Jan 2010
  • FCE Bank sells down retained ABS

    FCE Bank, Ford’s European captive finance arm, has sold down Eu300.18m of auto loan ABS originally issued and retained in 2008.

    • 11 Jan 2010
  • Euro jumbos - Final standings 2009

    • 11 Jan 2010
  • Issuers pile into pipeline

    The following deals have been announced, rumoured or mandated. In case of errors or omissions, please contact Hélène Durand on +44 207 779 7314 or hdurand@euroweek.com

    • 11 Jan 2010
  • The big maturity push: BES gets in early

    Banco Espirito Santo is expected to issue a five year bond in the senior unsecured market later this week, showing that covered bonds are not the only format banks are using to extend their maturity profiles.

    • 11 Jan 2010
  • Pipeline bulges as mandates keep pace with supply

    Three issuers announced mandates this (Monday) morning, ensuring that the pipeline remains bulging even after three issuers closed books on new issues, as the pace of supply showed no sign of relenting in the second week of the new year.

    • 11 Jan 2010
  • All benchmarks - Final standings 2009

    • 11 Jan 2010
  • Six programmes first to be affirmed by S&P

    Standard & Poor’s has taken the first actions under its new covered bond rating methodology, affirming six programmes’ AAA ratings.

    • 11 Jan 2010
  • SNS, BCP short dated paper on the way

    SNS Bank is expected to issue a 3-1/2 year senior unsecured benchmark bond for between Eu750m and Eu1bn later on Monday, the first time the issuer has come to the senior unsecured market since 2008.

    • 11 Jan 2010
  • Nationwide prepares return to euro senior unsecured market

    Nationwide Building Society has mandated BNP Paribas, Deutsche Bank and UBS to lead manage its first public benchmark senior unsecured deal in five years.

    • 11 Jan 2010
  • Bancaja’s GG on the way

    Caja de Ahorros de Valencia Castellón y Alicante (Bancaja) is expected to issue around Eu1bn of five year government guaranteed bonds later on Monday.

    • 11 Jan 2010
  • Santander takes new broom to capital base

    Banco Santander has offered to buy back up to Eu2.5bn (equivalent) of upper tier two and lower tier two securities.

    • 11 Jan 2010
  • Credit Watchboxs 1136

    • 08 Jan 2010
  • Yield hungry CP investors go long on banks

    Financial issuers were able to issue at longer maturities than normal in the European commercial paper market this week. Dealers said the phenomenon was likely driven by investors seeking better yields.

    • 08 Jan 2010
  • Markit Data 1136

    • 08 Jan 2010
  • Bondholders battle Pearl over buy-back terms

    Pearl Group Holding on Thursday ran into trouble as a group of bondholders rejected the embattled insurer’s plans to exchange £100m of one of its £500m tier one issues, which could scupper the company’s plans to get a primary listing on the London Stock exchange in the summer.

    • 08 Jan 2010
  • Barclays lures FIG banker from Citi

    Barclays Capital has hired a Citi managing director to work in its FIG debt capital markets business.

    • 08 Jan 2010
  • ECB sets out stall on loan level reporting

    The European Central Bank launched a consultation on mandatory loan level data reporting for ABS collateral in the Eurosystem just before the holiday period.

    • 08 Jan 2010
  • CBA storms into 2010 offering flurry of callable range accruals, fixed rate notes

    Commonwealth Bank of Australia powered into 2010 selling four callable range accruals and four fixed rate notes this week

    • 08 Jan 2010
  • Dexia Crédit Local

    • 08 Jan 2010
  • BPCE

    • 08 Jan 2010
  • Floater flurry gets senior market rolling

    The senior financials market sprang back into life this week, with FRNs featuring prominently among the week’s deals as the product’s resurgence at the end of 2009 continued into the new year. Market participants welcomed the high floater volume and emphasised its notably high level of non-bank sales, as well as the appearance of a single-A issuer.

    • 08 Jan 2010
  • Morgan Stanley’s co-head of global capital markets quits

    John Hyman, co-head of global capital markets at Morgan Stanley and one of its most senior bankers outside the US, has quit the bank.

    • 08 Jan 2010
  • UBS leads way with a trio of volatility bonds

    UBS has self-placed a trio of volatility bonds linked to UBS’s V10 proprietary index over the past month. The volatility index comprises 10 quality currency pairs. In each, the dollar is paired with: Australian dollars, Canadian dollars, euros, New Zealand dollars, Swiss francs, sterling, yen, Norwegian kroner, Swedish kronor and dollars.

    • 08 Jan 2010
  • High quality names to dominate slim ABS mart in early 2010

    European securitisation market participants expect a slow start to 2010, in contrast to the US where Ford Motor Co launched a $1.25bn TALF-eligible dealer floorplan securitisation this week.

    • 08 Jan 2010
  • JPMorgan tops league table in record year for FIG assets

    JPMorgan topped Dealogic’s global bookrunner FIG league table in 2009, beating Citi by a whisker. JPMorgan finished the year with a 7.7% market share, in line with second placed Citi but with an overall larger deal value — $123.5bn versus $123bn. Barclays took third place in the table with a 6.4% market share.

    • 08 Jan 2010
  • Banks plant Yankee flags as opening week signals refi rush

    Financial institutions this week responded to the building pressure to term out and refinance in 2010 with record levels of issuance in Europe and the US.

    • 08 Jan 2010
  • Svenska Handelsbanken

    • 08 Jan 2010
  • Santander

    • 08 Jan 2010
  • Structured Finance News in Brief, January 8, 2009

    • 08 Jan 2010
  • ECB has Eu1.4bn in hand at half time

    Halfway through its covered bond purchase programme, the European Central Bank is Eu1.410bn behind an assumed target path under which the Eu60bn assigned to the scheme will be spent at the end of June when it finishes.

    • 08 Jan 2010
  • Turkey’s Akbank to try and break FI’s one year barrier

    Turkey’s Akbank will present a stern test of lenders’ appetite towards the country in the coming weeks by asking them to stump up debt of longer than a year, breaking a trend that has lasted since 2006.

    • 08 Jan 2010
  • Bankinter

    • 08 Jan 2010
  • Ex-ABN Amro pair launch mid-cap bond business

    Two former ABN Amro syndicate veterans have set up a business to bring small and mid-cap issuers to the capital markets.

    • 08 Jan 2010
  • Prague exchange triggers talk of CSOB float

    Speculation around the timing of Czech lender CSOB’s IPO was mounting this week after comments made by the head of the Prague stock exchange.

    • 08 Jan 2010
  • Strong start for secondary market in 3-5 point rally

    • 08 Jan 2010
  • Dexia demonstrates appeal in dollars, euro and sterling

    Dexia Group underlined its broad investor appeal by raising almost Eu6bn equivalent in a trio of debt markets this week. The Franco Belgian financial tapped euro, sterling and dollar buyers through two subsidiaries.

    • 08 Jan 2010
  • New issues 1136

    • 08 Jan 2010
  • UniCredit takes cautious route towards Eu4bn rights issue

    UniCredit is treading carefully in its Eu4bn rights issue, this week offering shares at the deeper end of the expected range. The bank is offering the shares at Eu1.59, a 29% discount to Wednesday’s closing price. Market participants had expected a discount of between 25% and 30%.

    • 08 Jan 2010
  • Intesa Sanpaolo

    • 08 Jan 2010
  • RBS restocks syndicate after senior departures

    Royal Bank of Scotland has wasted little time in reshuffling its syndicate top line following the departure of Mark Dodd and Stuart Montgomery in late December.

    • 08 Jan 2010
  • Rabobank Nederland

    • 08 Jan 2010
  • A record start, and it’s just the beginning

    Next week promises to be as busy as this week’s record opening to a year, with two more issuers having officially announced plans for benchmarks in the past 24 hours on top of three outstanding mandates. Supply of Eu5.5bn yesterday (Thursday) took the week’s total to Eu10.25bn from seven deals, just short of the eight totalling Eu11bn in the busiest ever week for the covered bond market at the end of September.

    • 08 Jan 2010
  • More Russian FI deals hoped for as VEB prepares to sign

    Russia’s state-owned Vnesh-econombank is expected to sign an $875m syndicated loan next week, with bankers hoping the well-received deal will lead to more of the country’s banks coming to the market.

    • 08 Jan 2010
  • Rabobank pumps up 10 year to record size

    Rabobank priced a well oversubscribed Eu3.5bn 10 year transaction this week, showing the depth of demand for its name at the long end. The deal, led by Barclays Capital, Citi, JPMorgan and Rabobank, is the largest 10 year non-SSA euro transaction ever done.

    • 08 Jan 2010
  • Sumitomo confirms plans for $9.6bn capital boost

    Sumitomo Mitsui Financial Group confirmed plans to sell new shares worth as much as ¥889bn ($9.6bn) on Wednesday, ending speculation that has weighed on its stock price since rival lender Mitsubishi UFJ Financial Group raised ¥1tn in a December share sale.

    • 07 Jan 2010
  • Caution for UniCredit in Eu4bn rights approach

    UniCredit is treading carefully in its Eu4bn rights issue, on Thursday offering shares at the deeper end of the expected range.

    • 07 Jan 2010
  • Floater flurry gets senior market rolling

    The senior market sprang into action on Thursday morning, with FRNs featuring prominently among the deals expected to price later in the day.

    • 07 Jan 2010
  • ABN merger certainty makes S&P positive on FBN

    Standard & Poor’s has revised its outlook for Fortis Bank (Nederland) from developing to positive because of greater certainty that it will be merged with the Dutch state-owned portion of ABN Amro Bank within two years.

    • 07 Jan 2010
  • ANZ, NAB open dollar bond market for Aussie banks

    Australia and New Zealand Banking Group (ANZ) and National Australia Bank (NAB) opened the international markets for Australian borrowers with a bang this week, raising a combined $4.75bn in two well-received bond issues.

    • 07 Jan 2010
  • BTMU surprise candidate to pioneer Pandas

    Bank of Tokyo-Mitsubishi UFJ is hoping to become the first foreign company to sell Panda bonds in China’s domestic debt market, after getting permission from the government at the end of last year.

    • 07 Jan 2010
  • Australia's Westpac set to reopen Samurai bond market

    Westpac Banking Corp is set to sell the first Samurai bonds of the year next week after approaching investors with a benchmark-sized deal that comes with no government guarantee.

    • 07 Jan 2010
  • Westpac set to reopen Samurai bond market

    Westpac Banking Corp will sell the first Samurai bonds of the year next week after approaching investors with a benchmark-sized deal that comes with no government guarantee.

    • 07 Jan 2010
  • Punchy pricing means round one to the issuers

    With four new jumbos hitting the market this (Thursday) morning, the number of benchmark issues this week is second only to the last week of September. However, investors have expressed disappointment about what they called expensive spread levels.

    • 07 Jan 2010
  • Battle on as bondholders reject Pearl offer

    Pearl Group Holding on Thursday ran into trouble as a group of bondholders rejected the embattled insurer’s plans to exchange £100m of one of its £500m tier one issues.

    • 07 Jan 2010
  • Dexia to conclude busy week with GG

    Dexia Crédit Local will conclude its hectic week of issuance today when it prices a three year sterling government guaranteed floating rate note.

    • 07 Jan 2010
  • Bank of Baroda loan ignites debate over Indian pricing

    Bank of Baroda launched a $125m three year fully underwritten loan on Thursday that has triggered a debate among loan bankers about pricing levels for Indian financial institutions.

    • 07 Jan 2010
  • SMFG joins race for capital with $9.6bn cash call

    Sumitomo Mitsui Financial Group joined the latest round of capital-raisings in Japan’s financial sector this week as it confirmed plans to sell new shares worth as much as ¥889bn ($9.6bn).

    • 07 Jan 2010
  • Granite arrears inch up

    Long term arrears in Northern Rock’s mortgage master trust Granite crept up to 5.04% at the end of November from 5.01% the month before.

    • 06 Jan 2010
  • Barclays lures FIG banker from Citi

    Barclays Capital has hired a Citi managing director to work in its FIG debt capital markets business.

    • 06 Jan 2010
  • Dexia Kommunalbank keeps year-end resolution

    Preparations for a new Pfandbrief for Dexia Kommunalbank Deutschland that began in December came to fruition yesterday (Tuesday) as the issuer priced a Eu1.25bn seven year benchmark, fulfilling its intention of coming to market in early 2010 if market conditions were supportive.

    • 06 Jan 2010
  • Irresistible for issuers, but maybe not for investors

    A crowded pipeline suggests that new issuance could approach the frenzy of September, when record volumes of covered bonds hit the market. But with at least 10 issuers said to have plans to launch deals in the wake of the three that have already been priced, some market participants are already sounding a note of caution.

    • 06 Jan 2010
  • Pearl restructures debt ahead of listing

    Pearl Group Holding, the UK life assurance consolidator, is seeking to restructure its tier one debt ahead of a potential primary London Stock Exchange listing, the company said on Tuesday.

    • 06 Jan 2010
  • BNPP impressed by investors’ conviction in new year

    A Eu1.5bn seven year covered bond for BNP Paribas off its Home Loan programme yesterday (Tuesday) met with a strong reception from investors who, according to a BNP Paribas official, demonstrated an encouraging degree of conviction in the new issues that reopened the primary market.

    • 06 Jan 2010
  • The Cover’s Deal of the Decade: a sign of the times

    You voted in your hundreds. Now find out which benchmark transaction of 2000-2009 has won the title of The Cover’s Deal of the Decade.

    • 06 Jan 2010
  • Rabo preps 10 year, Santander settles tighter

    Rabobank, which announced a mandate for a new 10 year benchmark on Tuesday, has on Wednesday firmed up price talk, said market participants, who were encouraged by the whispered level.

    • 06 Jan 2010
  • JPM tops table in record year for FIG asset class

    JPMorgan topped Dealogic’s global bookrunner FIG league table in 2009, beating Citi by a whisker.

    • 05 Jan 2010
  • Likely fall in external support pressures HSH

    Moody’s on 21 December put HSH Nordbank’s A2 rating on review for downgrade, possibly of more than one notch, because it is concerned that potential sources of external support may diminish.

    • 05 Jan 2010
  • Final 2009 league tables: last chance to check data

    The Cover will be publishing its final benchmark league tables for 2009 in the coming days. We are double-checking the data with the top few banks to ensure that the final result is accurate – if you would like to verify that the information we have about your bank’s league table credit or any other’s is correct, then please contact us as soon as possible and we will be happy to send it to you.

    • 05 Jan 2010
  • The cost of living large

    After the blizzard of new banking regulations proposed in 2009, we might soon have an idea of how much these initiatives will cost, and what the industry will look like when regulators have finished with it. Initial estimates show some surprising results.

    • 05 Jan 2010
  • Fitch OKs Rock covered AAA, but not on guarantee

    Fitch on 22 December affirmed Northern Rock’s covered bonds at AAA based on its revised criteria for assessing liquidity risk in covered bonds, without giving credit to a guarantee for the covered bonds provided by the UK Treasury.

    • 05 Jan 2010
  • S&P turns Nykredit Realkredit outlook negative

    Standard & Poor’s on 30 December changed its outlook on Nykredit Realkredit’s A+ rating from stable to negative because of pressures on its banking operations, but said that the asset quality of the group’s core lending business remained resilient.

    • 05 Jan 2010
  • SNS cut necessitates remedial covered bond action

    Fitch on 22 December downgraded SNS Bank’s long term issuer rating from A to A- and placed it on rating watch negative because of the bank’s large exposure to stressed property finance sectors, and US and Spanish real estate markets in particular. The issuer has to take remedial action with respect to its covered bond programme because of the downgrade.

    • 05 Jan 2010
  • Global FIG DCM bookrunners

    • 05 Jan 2010
  • BBVA pleases as trio reopen covered bond market

    Bankers said that Banco Bilbao Vizcaya Argentaria turned over a new leaf with the first Spanish covered bond of the year today (Tuesday), a benchmark transaction that – like deals for BNP Paribas and Dexia Kommunalbank Deutschland – is set to be priced at the tight end of guidance on the back of an oversubscribed order book. The trio of deals mark the reopening of the jumbo market in 2010.

    • 05 Jan 2010
  • Global FIG DCM Revenue

    • 05 Jan 2010
  • Santander on the money with first of 2010

    Banco Santander is expected to price a Eu2bn three year FRN later today, the first deal in the senior unsecured market this year and a deal that is already attracting plaudits.

    • 05 Jan 2010
  • Tightening Swiss market tempts CBA

    Commonwealth Bank of Australia is expected to issue a five year Sfr200m bond later this afternoon.

    • 05 Jan 2010
  • ECB furthest behind target path on smallest increase

    A Eu6m increase in purchases under the European Central Bank’s programme reported today (Tuesday) left the cumulative total Eu792m short of an assumed target path necessary for Eu60bn to have been spent at the end of June, putting it the furthest behind schedule since reporting began. Please note: after today The Cover will no longer report ECB covered bond purchases daily, but will publish a weekly round-up on Fridays and on an ad hoc basis when appropriate.

    • 05 Jan 2010
  • Longer liquidity management period boosts DnB Nor

    Fitch on 22 December affirmed the AAA rating of DnB Nor Boligkreditt’s covered bonds and gave them an improved Discontinuity Factor after the Norwegian issuer extended the liquidity gap management period for its hard bullet bonds from six to 12 months.

    • 05 Jan 2010
  • UniCredit clears take-off path to Eu4bn rights issue

    The first large banking recapitalisation of the year will be launched this week when UniCredit finally sets the terms for a Eu4bn capital hike that it announced in October 2009and that shareholders approved in November.

    • 04 Jan 2010
  • ABS investors cheer as ECB gets tough on loan data

    The European Central Bank gave investors an early Christmas present when it launched a consultation on mandatory loan level data reporting for ABS collateral in the Eurosystem just before the holiday period.

    • 04 Jan 2010
  • Greek TPIs cut on sovereign woe, covered bonds hit

    Moody’s has downgraded Marfin Egnatia Bank’s covered bonds and placed the rating of those issued by National Bank of Greece on review for possible downgrade because of a cut in Greece’s sovereign rating from A1 to A2. These were the only negative rating actions on covered bonds since The Cover’s last bulletin on 18 December to the best of our knowledge; we will catch up on other covered bond rating developments and related issuer rating actions tomorrow (Tuesday).

    • 04 Jan 2010
  • Senior unsecured market set for strong start

    The senior unsecured market is expected to spring into action later this week, as market participants said conditions were well set for issuance.

    • 04 Jan 2010
  • RBS restocks syndicate after departures

    Royal Bank of Scotland has wasted little time in reshuffling its syndicate top line following the departure of Mark Dodd in late December.

    • 04 Jan 2010
  • Covered bond issuers on starting blocks for 2010

    Issuers are limbering up to launch the first benchmark covered bonds of 2010, with three institutions having mandated for transactions that could hit the market this week and others busy with preparations.

    • 04 Jan 2010
  • ECB buying lags target path after seasonal slowdown

    Settled purchases under the European Central Bank’s Eu60bn covered bond programme increased by Eu1.193bn during The Cover’s two week seasonal break and by a further Eu70m this (Monday) morning, taking the total to Eu28.812bn.

    • 04 Jan 2010

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 10,283.03 88 6.01%
2 HSBC 9,924.14 51 5.80%
3 LBBW 8,393.04 48 4.91%
4 Natixis 7,239.94 37 4.23%
5 UBS 7,025.55 38 4.11%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 55,206.99 242 6.06%
2 JPMorgan 52,753.76 271 5.79%
3 Citi 52,120.64 279 5.72%
4 Morgan Stanley 41,067.38 223 4.51%
5 HSBC 36,375.06 225 3.99%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 45,511.73 199 11.58%
2 JPMorgan 42,181.52 207 10.73%
3 Citi 40,920.97 214 10.41%
4 Morgan Stanley 30,577.16 152 7.78%
5 Goldman Sachs 27,936.22 261 7.11%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 5,939.43 23 6.77%
2 LBBW 5,403.66 21 6.16%
3 UniCredit 5,082.55 24 5.79%
4 HSBC 5,076.13 19 5.78%
5 Credit Agricole CIB 4,965.07 22 5.66%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 6,170.54 15 14.33%
2 UBS 4,233.38 20 9.83%
3 BNP Paribas 3,846.71 16 8.93%
4 Credit Agricole CIB 3,549.81 11 8.24%
5 HSBC 2,321.22 16 5.39%