• Bank of India lines up Reg-S bond meetings

    State-owned Bank of India has picked banks to arrange a series of meetings that could lead to the first dollar bond from an Indian bank this year.

    • 31 Jan 2011
  • BFA confirms caja IPO plan

    Banco Financiero y de Ahorros (BFA), the Spanish savings bank SIP that has Eu339bn of assets and includes Caja Madrid, Bancaja and five other cajas, will IPO in 2011, the group’s chairman said on Monday as it reported a Eu9.2bn charge to clean up its balance sheet. The move follows announcements last week from Caixa Barcelona and reports that Banco Base, another SIP, also plans a listing.

    • 31 Jan 2011
  • Deals priced - 31 January 2011

    • 31 Jan 2011
  • MTNs hope Europe’s investors will fill Asian vacuum

    The MTN market hopes European investors will step up this week as Asian buyers who carried the market through January prepare for the Chinese New Year holidays.

    • 31 Jan 2011
  • Agencies reassure on Spanish foreclosure

    A provincial Spanish court decision allowing borrowers to walk away from their mortgage obligations will have no effect on Spanish RMBS, as other courts are expected overrule the decision, say Fitch and Moody’s.

    • 31 Jan 2011
  • Bolzano takes senior step alone

    Italian regional lender Cassa di Risparmio di Bolzano was the only bank to step into the senior euro market on Monday morning, as many European banks head into blackout. However several other banks were out with covered bonds.

    • 31 Jan 2011
  • Deal pipeline - 31 January 2011

    • 31 Jan 2011
  • Holmes releases guidance

    Guidance is out on Holmes 2011-1, the first UK RMBS of the new year. Leads BNP Paribas, Deutsche Bank, JP Morgan and Santander GBM are offering the 2.9 year average life dollar tranche at around 135bp over three month Libor, the 4.9 year average life euro tranche at 145bp-150bp over three month Euribor, and the 4.9 year average life sterling tranche at around 145bp over three month Libor. The $500m 0.9 year average life dollar tranche has been preplaced.

    • 31 Jan 2011
  • La Caixa RWN should not affect its Cedulas

    Fitch and Moody’s placed La Caixa (A+/A2) on negative review last Friday. The rating comes despite a 45bp rally in its senior unsecured CDS at the time it reported results, and ahead of a rumoured five year cédulas issue. Despite the seemingly negative repercussions the prospective deal would remain triple A, even if a downgrade followed.

    • 31 Jan 2011
  • Agencies reassure on Spanish foreclosure

    A provincial Spanish court decision allowing borrowers to walk away from their mortgage obligations will have no effect on Spanish RMBS or covered bonds, as other courts are expected overrule the decision, say Fitch and Moody’s.

    • 31 Jan 2011
  • Santander's UK RMBS guidance

    Guidance is out on Holmes 2011-1, the first UK RMBS of the new year. Leads BNP Paribas, Deutsche Bank, JP Morgan and Santander GBM are offering the 2.9 year average life dollar tranche at around 135bp over three month Libor, the 4.9 year average life euro tranche at 145bp-150bp over three month Euribor, and the 4.9 year average life sterling tranche at around 145bp over three month Libor. The $500m 0.9 year average life dollar tranche has been preplaced.

    • 31 Jan 2011
  • CBA prints Australian banks’ first Swedish krona MTN

    Commonwealth Bank of Australia last week became the first Australian bank to sell an MTN denominated in Swedish krona. However, the likelihood of Australian banks doing more deals in the currency will depend on the basis swap between Swedish krona and US dollars, bankers said.

    • 31 Jan 2011
  • Italians compete for space

    After good buying in the long end of the French curve at the end of last week, spurred by the back-up in yields, secondary market activity has slowed markedly and the focus is once again back on the primary where there are several deals are in play. The Italian market is taking centre stage amid concerns that one issuer might crowd out the other.

    • 31 Jan 2011
  • Canara Bank benefits from Taiwanese demand

    Canara Bank, an Indian state-owned bank, got strong demand from Taiwanese lenders for a $175m loan — and now wants to increase its deal to $225m.

    • 30 Jan 2011
  • Sekerbank secures dual currency club deal

    Turkish financial institution Sekerbank completed a dual currency Eu41m and $35m term loan from a club of banks at the end of 2010.

    • 28 Jan 2011
  • BPE increased as hopes rise for Spanish issuers

    Banco Popular Español (BPE) launched the fourth Spanish covered bond of 2011 on Wednesday, as hopes rose that the record premiums which recent Spanish issuers have been forced to offer may be set to fall.

    • 28 Jan 2011
  • Intesa Sanpaolo

    • 28 Jan 2011
  • Bank boon as US FIG smashes January record

    A further glut of bank issuers drove the US primary bond market to an all-time January record this week as investment grade FIG issues reached $66.8bn, already far ahead of last year’s $61bn — the previous high. It also represents the fifth highest month for FIG new issues on record, according to Dealogic.

    • 28 Jan 2011
  • Holmes, Dolphin roadshows swell prime pipeline

    European RMBS investors were treated to roadshows from Santander’s Holmes and ABN Amro’s Dolphin master trusts this week, following a well covered market-opening print from Delta Lloyd’s Arena 2011-1 last Friday (January 22).

    • 28 Jan 2011
  • Tesco Bank to meet retail investors for Orb bond

    Tesco Personal Finance is to meet investors across the UK over the coming weeks with a view to issuing a bond that is tradable on the London Stock Exchange’s retail bond trading platform.

    • 28 Jan 2011
  • Turkiye Is Bankasi (Isbank)

    • 28 Jan 2011
  • Nationwide blazes trail, Lloyds TSB could be up next

    Nationwide Building Society’s £750m 15 year sterling denominated covered bond was remarkable, not just for it being the longest duration of any covered bond issued this year, but for the sheer scale of demand emanating from UK insurance companies. Changes to Solvency II made last year meant that covered bonds were likely to be much more attractive as investments — but up until now no one had tested the water.

    • 28 Jan 2011
  • Good two way secondary flows across the board

    Secondary market activity has picked up across the board with bankers reporting decent interest in France the UK long end, Germany and, most importantly, Spain.

    • 28 Jan 2011
  • NBC takes giant leap, prices through curve

    The National Bank of Canada this week launched the third Canadian dollar denominated benchmark of the year. It inaugural deal issued off a newly set up $5bn programme, arguably achieved what no other covered bond deal has been able to do this year.

    • 28 Jan 2011
  • Markit Data 1189

    • 28 Jan 2011
  • SG, 3CIF keep French covered market firing

    French covered bond issuance maintained momentum this week with two deals surfacing. Both were successful — but had to pay up for the privilege.

    • 28 Jan 2011
  • SG’s Oudéa fires off warning on liquidity and Sifi rules

    Frederic Oudéa, chairman and chief executive of Société Générale, this week warned that excessive financial regulation could have a dangerous effect on the banking industry and the world’s economies.

    • 28 Jan 2011
  • Punchy Penarth preplaced

    Deutsche Bank and Lloyds Bank Corporate Markets have placed a £500m three year average life UK credit card ABS, the A1 tranche of Lloyds Banking Group’s Penarth 2010-2. The notes carry a coupon of 95bp over one month Libor.

    • 28 Jan 2011
  • Isbank taps into strong demand for Turkish bank paper

    Turkiye Is Bankasi’s $500m six year bond tightened by 5bp on a spread basis in the day after trading, showing just how popular Turkish bank paper is this year. The note was priced via lead managers JP Morgan, Royal Bank of Scotland, Standard Bank and Standard Chartered Bank on Tuesday.

    • 28 Jan 2011
  • ANZ National Bank

    • 28 Jan 2011
  • UKFI joins with opposition to banking break-up plans

    Robin Budenberg, head of UK Financial Investments — the government body that manages its stakes in financial institutions — has added his voice to those opposing a break-up of banks.

    • 28 Jan 2011
  • Spanish and Italian banks stand strong in volatile market

    Iberian financial institutions continued their run of good fortune in the commercial paper market this week, successfully rolling over large maturities even as volatility in interest rate and money market futures drove some investors to the sidelines.

    • 28 Jan 2011
  • Berlin Hannoversche Hypothekenbank AG

    • 28 Jan 2011
  • HSBC Bank plc

    • 28 Jan 2011
  • Bonds Tables 1189

    • 28 Jan 2011
  • Banca Popolare dell’Emilia Romagna

    • 28 Jan 2011
  • SocGen splits opinion with long seven year sterling offer

    Société Générale sold a £300m long seven year trade on Tuesday, a modest size compared to its blowout covered bond which drew in more than Eu3bn of orders on Wednesday.

    • 28 Jan 2011
  • Bookrunners of all global bonds (Asia Pacific) — 2011 (January 26, 2011)

    • 28 Jan 2011
  • Crowding out fears hit SSA market as German bad banks gear up for issuance flood

    AGENCY borrowers — newly crowded out by the European Financial Stability Facility — are steeling themselves for more than Eu40bn of competing supply implicitly guaranteed by the eurozone’s reference sovereign, Germany.

    • 28 Jan 2011
  • Noteholders vote against Gatak’s REC 6 CMBS tender

    Gatak Real Estate’s tender offer in the REC 6 CMBS has been rejected, after failing to secure 75% of noteholder votes in each class. The collapse of the tender leaves noteholders with few options, as the transaction is expected to default on its April payment date.

    • 28 Jan 2011
  • Commerzbank completes first step on road to freedom

    Commerzbank concluded a capital structure optimisation exercise last Friday (January 21) that is intended to pave the way for the bank to free itself from state ownership. The bank completed a liability management exercise that followed on from a Eu626m capital increase priced earlier this month.

    • 28 Jan 2011
  • BES Eu2.7bn loan sale unable to halt rise in pricing in secondary market

    Portugal’s Banco Espírito Santo is selling Eu2.7bn of project finance and leveraged loans as it attempts to deleverage its balance sheet. However, traders warned that the bank may struggle to find buyers for the loans despite bid prices continuing to rise in the secondary market.

    • 28 Jan 2011
  • Italian bank exploits demand for euro puttables

    In what could become a growing trend for the Italian FIG market, Intesa Sanpaolo sold a pair of identical Eu125m one year puttable floating rate notes through Crédit Agricole on Wednesday, after self-placing a similar Eu288m two year deal on Monday.

    • 28 Jan 2011
  • VW’s Driver Eight hauls auto ABS tighter

    VW’s Driver Eight German auto loan ABS pulled secondary market prices tighter this week, as lead managers Commerzbank and Société Générale priced the Eu690m class ‘A’ tranche at 70bp — up to 5bp inside secondaries at the time, though auto spreads were already coming in.

    • 28 Jan 2011
  • IMF throws its weight behind contingent capital

    The International Monetary Fund endorsed the deployment of contingent capital this week, saying that the instruments could be considered as part of a comprehensive and consistent crisis-management framework.

    • 28 Jan 2011
  • Raiffeisen to remain a rarity, says treasury officer

    Raiffeisen Bank International began building a senior curve last week, but is unlikely to be a frequent issuer, the bank’s chief treasury officer told EuroWeek.

    • 28 Jan 2011
  • BPE upsized, cédulas set for possible resurgence

    Banco Popular Español (BPE) launched the fourth Spanish covered bond of 2011 on Wednesday, amidst hopes that the record premiums which recent Spanish issuers have been forced to offer, may be set to fall.

    • 28 Jan 2011
  • Price sensitive LTSB, La Caixa and Sabadell

    Looking ahead, market participants expect more deals to emerge. This morning Banca Monte dei Paschi di Siena announced that Credit Suisse, JP Morgan, Mediobanca, MPS Capital Services, Natixis and Nomura will lead manage a euro benchmark in the near future. Elsewhere in Italy, Credito Emiliano is expected having been on a non-deal roadshow last year.

    • 28 Jan 2011
  • Banca delle Marche

    • 28 Jan 2011
  • Allied Irish bags Eu1.4bn from LM but take-up disappoints

    Allied Irish Banks has released the results of a deeply discounted liability management exercise, claiming that the core tier one accretion resulting from the exercise would be around Eu1.4bn. JP Morgan and Morgan Stanley handled the trade.

    • 28 Jan 2011
  • SBAB, LeasePlan tap while others blacked out

    The Swedish National Housing Finance Corporation and LeasePlan, both infrequent borrowers, took advantage of bigger names being in blackout to sell benchmark deals this week.

    • 28 Jan 2011
  • Mood positive but multi-cédulas hopes premature

    Sentiment in Spain has improved dramatically in the last week, helped by a buoyant SSA sector along with an announcement from the Spanish finance minister of a set of measures which include ensuring funding for Spanish banks. Second and even third tier Spanish institutions could conceivably issue, though it’s likely more time will be needed before a multi-cédulas deal is possible.

    • 28 Jan 2011
  • Eurosail appeal decision — RMBS market holds its breath

    The UK Court of Appeal heard BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL on Wednesday, a precedent-setting case which could render other RMBS transactions with broken swaps insolvent.

    • 28 Jan 2011
  • Leaseplan

    • 28 Jan 2011
  • Senior market hums as rarer credits get look-in

    The senior unsecured market in euros was busy this week, as macro-economic concerns and sovereign worries faded from investors’ minds. Despite bankers’ worries that blackout periods would quieten issuance levels, seven FIG borrowers brought euro-denominated senior deals with issuance this week topping Eu5bn. That included supply from some rarer European names which took advantage of the change in sentiment.

    • 28 Jan 2011
  • Swiss take cover from spurned senior paper

    Financial borrowers are suffering as Swiss franc investors dump senior unsecured paper for covered bonds in the face of regulatory changes and the eurozone sovereign crisis.

    • 28 Jan 2011
  • Sparebank re-emerges on yield back-up

    The primary market for covered bonds appeared to be slowing down with just two taps, LBBW’s Eu250m January 2016 and MuHyp’s Eu150m October 13. Though there was plenty of talk about other possible deals, the primary market had started to look a bit thin on the ground.

    • 28 Jan 2011
  • BofA Merrill slips in equities

    Bank of America Merrill Lynch’s fourth quarter results show a 44% drop in equity issuance revenue from the fourth quarter of 2009, but an 8% boost in debt issuance revenues helped soften the impact on profitability. Advisory revenues were down slightly, from $360m to $337m.

    • 28 Jan 2011
  • Swedish National Housing Finance Corp (SBAB)

    • 28 Jan 2011
  • Recapitalise or die — caja reform accelerates

    Spain’s government upped the pressure on its troubled savings institutions this week, setting an effective deadline of October for cajas to complete the Eu20bn recapitalisation they still require or face forced conversion into banks.

    • 28 Jan 2011
  • OFT clears equity underwriters of blame

    Banks in the UK equity capital markets have been exonerated from failures in underwriting practices for follow-on deals such as rights issues by the Office of Fair Trading.

    • 28 Jan 2011
  • Domestic bid supports rare FIG names in senior return

    Rare issuers, Berlin Hannoversche Hypothekenbank of Germany and Italy’s Banca delle Marche and Banca Popolare dell’Emilia Romagna of Italy relied upon domestic interest to print senior unsecured deals this week.

    • 28 Jan 2011
  • Bookrunners of all international bonds — 2011 (January 26, 2011)

    • 28 Jan 2011
  • Nomura hires covered bond pro

    Nomura has hired Lorenz Altenburg from Crédit Agricole — which he had only joined a month ago — to boost its covered bond syndicate.

    • 28 Jan 2011
  • Raiffeisen to remain a rarity, says treasurer

    Raiffeisen Bank International began building a senior curve last week, but is unlikely to be a frequent issuer, the bank’s chief treasury officer told EuroWeek.

    • 27 Jan 2011
  • Hyundai kicks off Korean supply with $700m bond

    Hyundai Capital Services became the first Korean issuer to sell a benchmark international bond this year when it raised $700m late last week.

    • 27 Jan 2011
  • Holmes structure comes into focus

    Santander’s Holmes 2011-1 issue will feature a hard bullet 0.9 year ‘A1’ dollar tranche, as well as a 2.9 year ‘A2’ dollar tranche, and 4.9 year ‘A3’ euro and ‘A4’ sterling tranches. The issuer has preplaced the $500m A1 notes. All the tranches will be floating rate, with the ‘A1’ notes benchmarked to one month Libor, and the other tranches to three month Libor or Euribor.

    • 27 Jan 2011
  • Holmes structure comes into focus

    Santander’s Holmes 2011-1 issue will feature a hard bullet 0.9 year ‘A1’ dollar tranche, as well as a 2.9 year ‘A2’ dollar tranche, and 4.9 year ‘A3’ euro and ‘A4’ sterling tranches. The issuer has preplaced the $500m A1 notes. All the tranches will be floating rate, with the ‘A1’ notes benchmarked to one month Libor, and the other tranches to three month Libor or Euribor.

    • 27 Jan 2011
  • Scarce names add momentum to senior unsecured

    Momentum is building in the senior unsecured market, with rarer borrowers Berlin Hannoversche Hypothekenbank, Leaseplan, and Banca Popolare dell’Emilia Romagna opening books on new trades.

    • 27 Jan 2011
  • IMF throws its weight behind contingent capital

    The International Monetary Fund threw its weight behind contingent capital this week, saying that the instruments could be considered as part of a comprehensive and consistent crisis-management framework.

    • 27 Jan 2011
  • Spanish plans improve cédulas prospects

    Measures to be implemented by the Spanish government in order to restore market confidence in the economy and domestic financial institutions could allow lower tier Spanish banks to resume issuance analysts say.

    • 27 Jan 2011
  • SG pricing: an inexact science

    Société Générale yesterday (Wednesday) priced its Eu1bn 4.25% 2023, a deal conspicuous for its level of oversubscription, the highest of any covered bond deal so far this year. Buoyant sentiment and rarity clearly played a role –along with the pervasive new issue premium which, not surprisingly given the scale of demand, was deemed by some to be too large.

    • 27 Jan 2011
  • Malaysia’s CIMB Bank to tap EMTNs

    Moody’s has assigned a provisional foreign currency rating of A3 to CIMB Bank’s proposed $1bn multi-currency EMTN programme. The signing of the programme would make CIMB the first Malaysian financial institution to tap the European MTN market, according to data from Dealogic.

    • 27 Jan 2011
  • Peripheral rally shores sentiment

    The mood is buoyant and several deals look likely to be announced before long. LTSB and Nationwide have been added to the existing rumours of La Caixa and Sabadell, but with sentiment improving issuers are thinking the market is on a roll so maybe they are better placed to wait a few days more, in which case funding costs could be shaved by even more.

    • 27 Jan 2011
  • Morgan Stanley comes back to Singapore dollar sector

    Morgan Stanley returned to Singapore’s domestic bond market this week, after more than three years away, and raised S$300m ($233.9m).

    • 27 Jan 2011
  • Bank of Moscow sells Singapore buyers second-ever Russian deal

    Bank of Moscow this week became only the second Russian borrower to sell debt in Singapore’s bond market, raising S$150m ($117.2m) from a deal that offered investors a big premium over VTB Bank’s market-opening issue last year.

    • 27 Jan 2011
  • All benchmarks

    • 27 Jan 2011
  • Spain and Italy’s banks stand strong in volatile CP market

    Improved investor sentiment towards Spanish and Italian banks last week shows no sign of abating, with Iberian financial institutions continuing to issue large pieces of commercial paper to meet sizeable upcoming maturities, despite a growing volatility in interest rate and money market futures driving some investors to the sidelines.

    • 26 Jan 2011
  • Driver Eight ‘A’ notes come tight

    Lead managers Commerzbank and Société Générale priced the Eu690m 1.83 year average life class ‘A’ tranche of VW’s Driver Eight German auto securitisation at 70bp over one month Euribor. This price was the tight end of guidance, which was low 70s, and the deal was 1.6 times covered.

    • 26 Jan 2011
  • SG’s Oudéa warns on liquidity, SIFI rules

    Frédéric Oudéa, chairman and chief executive of Société Générale, has warned of the dangers of excessive financial regulation and the effect it would have on the banking industry and the world’s economies.

    • 26 Jan 2011
  • High on EFSF fumes

    Despite decent selling of 10-year paper in the secondary market, the overall tone remains very positive. In the primary market this was most conspicuous in the books for SG’s Eu1bn 12-year, which has attracted the largest oversubscription so far this year. Banco Popular's deal has also gone smoothly.

    • 26 Jan 2011
  • Isbank taps into strong demand for Turkey

    Turkiye Is Bankasi’s $500m six year bond tightened by 5bp on a spread basis in the day after trading, showing just how popular Turkish bank paper is this year. The note was priced via lead managers JP Morgan, Royal Bank of Scotland, Standard Bank and Standard Chartered Bank on Tuesday.

    • 26 Jan 2011
  • SocGen goes long in sterling

    Société Générale sold a £300m long seven year trade on Tuesday, a modest size compared to its blowout covered bond that is said to have drawn in over Eu3bn of orders on Wednesday.

    • 26 Jan 2011
  • Intesa, SBAB deals inspire senior market

    Intesa SanPaolo and the Swedish National Housing Finance Corporation priced popular benchmarks on Tuesday, lending optimism to market participants over the future of the euro senior unsecured market.

    • 26 Jan 2011
  • NBC prices through curve

    The National Bank of Canada’s inaugural covered bond deal arguably achieved what no other covered bond deal has been able to do this year. As opposed to coming with a hefty new issue premium, it priced through the closest comparables. Moreover, with an over subscription of 2.5 times, it attracted the highest level of oversubscription of any covered bond, at that time so far this year. The result had as much to do with the name as it did the tenor.

    • 26 Jan 2011
  • Eurosail appeal due — RMBS market holds its breath

    The UK Court of Appeal should rule on Wednesday on BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL, a precedent-setting case which could render other RMBS transactions with broken swaps insolvent.

    • 26 Jan 2011
  • Banco Base – MedicX

    New caja listing planned & MedicX looks for £50m

    • 26 Jan 2011
  • Portugal’s BES puts Eu2.7bn of loans up for sale

    Banco Espirito Santo, the Portuguese bank, is trying to sell Eu2.7bn of project finance and leveraged loans as it attempts to deleverage its balance sheet. However, secondary market traders warned that the bank may struggle to sell the loans.

    • 26 Jan 2011
  • 3CIF increasingly well recognised

    CIF Euromortgage successfully priced (on Tuesday) a €1bn five year obligation fonciere achieving a high degree of oversubscription. Though it could have issued a bigger transaction, the bank opted for a quality placement that, for a French issuer, saw high penetration into the core North European buy & hold investor base.

    • 26 Jan 2011
  • Senior unsecured begins to purr

    Borrowers are rushing to the senior unsecured market, taking advantage of better conditions this week to front-load funding for the year.

    • 25 Jan 2011
  • Quick fire sale of Abertis shares for Unicaja

    Savings bank Unicaja sold its entire Eu72.65m stake in Spanish infrastructure group Abertis Infraestructuras on Monday evening after the market close.

    • 25 Jan 2011
  • AIB bags Eu1.4bn from LM, but take-up disappoints

    Allied Irish Banks has released the results of a deeply discounted liability management exercise, claiming that the core tier one accretion resulting from the exercise would be around Eu1.4bn. JP Morgan and Morgan Stanley handled the trade.

    • 25 Jan 2011
  • Bank of Moscow pitches Singapore dollar bond debut

    Bank of Moscow (BOM) is planning to close its debut Singapore dollar deal before the end of the week, and has approached investors with price whispers of the low-to-mid-4% area. It is hoping to follow fellow Russian lender VTB Bank, which opened the market to Russian credits at the end of last year.

    • 25 Jan 2011
  • Unsecured FIG still a tough sell for all but the best

    The euro market for senior unsecured bank debt may be slowly improving, but wholesale funding is still challenging for many who need it.

    • 25 Jan 2011
  • Spain must learn from Ireland

    Spain is in danger of repeating the mistakes that Ireland made with its banking sector last year.

    • 25 Jan 2011
  • Auto rush gears up as Driver and Turbo hit market

    FirstRand’s Turbo Finance, priced on Monday, was the first auto deal to hit the European ABS market this year, but it should be followed quickly by VW’s Driver Eight, which lead managers Commerzbank and Société Générale are due to be price on Wednesday. Lloyd Banking Group’s Cars 2011-1 is on a roadshow this week, with pricing expected next week.

    • 25 Jan 2011
  • All covered bonds

    • 25 Jan 2011
  • Collateral characteristics and structure of Westpac

    Fitch today (Tuesday) assigned Westpac New Zealand’s first series of mortgage covered bonds an expected triple A rating.

    • 25 Jan 2011
  • Nomura hires covered bond veteran

    Nomura has hired a new covered bond syndicate banker, The Cover can reveal.

    • 25 Jan 2011
  • Generous CIF provokes more switching

    The new issue market is gingerly picking up steam with CIF Euromortgage imminent and Kommunalkredit on the road. Sentiment is positive and has been boosted by a likely strong result for the EFSF deal. That said it’s clear that issuers must continue to offer attractive new issue premiums especially in France, the most prolific of regions so far this year.

    • 25 Jan 2011
  • Morgan Stanley returns to S$ bonds after three year lay-off

    Morgan Stanley returned to Singapore’s domestic bond market at the start of the week, raising S$300m ($233.9m) from an issue that saw it team up again with OCBC Bank.

    • 25 Jan 2011
  • RBNZ limits covered bond issuance

    Market reaction to The Reserve Bank of New Zealand’s announcement that a regulatory limit will be applied to the issuance of covered bonds by domestic banks has been positive. Some market participants however say its stance is too conservative, and does not take into account the benefits of covered bonds in terms of market access and funding costs.

    • 24 Jan 2011
  • HSBC looks to fours as market improves

    Investor interest for a 2015 issue from HSBC spurred the bank to go out with a four year deal on Monday morning, as the senior unsecured market continued to improve.

    • 24 Jan 2011
  • Raiffeisen Bank International AG

    • 24 Jan 2011
  • Halyk Savings Bank

    • 24 Jan 2011
  • Dolphin mandated as Arena stays tight

    Delta Lloyd’s Arena 2011-1, the first European ABS deal of the year, priced at the tight end of guidance on Friday, signalling that the market is ready for more Dutch prime.

    • 24 Jan 2011
  • German bad banks enter ECP and MTN markets

    FMS Wertmanagement, the German agency set up to manage the unwanted assets of Hyporealestate Group, has signed a Eu40bn multi-currency ECP programme, arranged by Royal Bank of Scotland. Meanwhile, Erste Abwicklungsanstalt, the bad bank agency for WestLB, is finalising an MTN programme, due to be launched in the next few days.

    • 24 Jan 2011
  • Dolphin mandated as Arena tucks in at tight end

    Delta Lloyd’s Arena 2011-1, the first European ABS deal of the year, priced at the tight end of guidance on Friday, signalling that the market is ready for more Dutch prime.

    • 24 Jan 2011
  • Commerzbank completes first step to recovery

    Commerzbank concluded a capital structure optimisation exercise on Friday that is intended to pave the way for the bank to free itself from state ownership. The bank completed a liability management exercise that followed on a Eu626m capital increase priced earlier on this month.

    • 24 Jan 2011
  • Compagnie Financement Foncier

    • 24 Jan 2011
  • Spanish hopes rise ahead of EFSF

    The covered bond primary market has ground to a halt as players look to the upcoming EFSF issue, which is due to price Tuesday. Once that’s out of the way there are high hopes the market will rebound, particularly for Spanish bonds which have performed well recently.

    • 24 Jan 2011
  • Crédit Agricole expands covered bond team

    Crédit Agricole has recently been on a hiring spree in the covered bond and SSA space.

    • 24 Jan 2011
  • La Caixa could list new bank entity in Q2

    The Spanish press has reported that Spain’s largest savings bank La Caixa plans to establish a new bank that will list on the stock exchange. The report said that La Caixa was in negotiations with the Bank of Spain and the Catalonia regional government over the process, which is expected to occur during the second quarter.

    • 24 Jan 2011
  • BofAML slips in equities

    Bank of America Merrill Lynch’s fourth quarter results show a 44% drop in equity issuance revenue from the fourth quarter of 2009, but an 8% boost in debt issuance revenue helped soften the blow. Advisory revenues were down slightly, from $360m to $337m.

    • 24 Jan 2011
  • UK autos ready to roll as Lloyds brings Cars 2011-1

    Lloyds Bank and WestLB are marketing Cars (Cardiff Auto Receivables Securitisation) 2011-1, the first UK auto loans securitisation since VW’s Driver UK One in February 2008.

    • 24 Jan 2011
  • Mediterranean credit returns, but big maturities loom

    Italian and Spanish banks benefited this week from an improved tone in the CP market and were able to print larger three month deals than in recent weeks — a development that dealers described as encouraging. But a wall of maturities approaching next week will prove a test of the depth of liquidity for these credits.

    • 21 Jan 2011
  • Shinsei opts not to make euro lower tier two call

    Shinsei Bank will not call a euro denominated lower tier two issue due to be called on February 23, it announced on Thursday.

    • 21 Jan 2011
  • Rabo beats expectations with second Swiss franc FRN

    Rabobank Nederland last Friday came to the Swiss market for the second time this year, with a Sfr400m two year bullet. Solid demand led to the deal being doubled from its launch size of Sfr200m, beating Rabo’s expectations and those of Credit Suisse and UBS, who managed the transaction.

    • 21 Jan 2011
  • Rabobank

    • 21 Jan 2011
  • Crédit Agricole attracts largest book so far this year

    French issuance continues unabated with Banques Populaires launching its first, and Crédit Agricole its second, covered bond of the year yesterday (Thursday). Both went well, but the sheer size of the order book for Crédit Agricole’s deal surprised many –being the largest so far this year.

    • 21 Jan 2011
  • HSH rides domestic demand

    HSH Nordbank’s issued 3-1/2 year Pfandbrief on Thursday which, despite competing with other deals in the same part of the curve, benefitted from robust demand from local savings banks, attracting a reasonable oversubscription from these quality buyers.

    • 21 Jan 2011
  • Kazakh banks back in bonds, Halyk takes $500m

    Halyk Savings Bank on Wednesday priced the first financial institution bond from Kazakhstan for three years — a $500m 10 year note sold via Citi, Deutsche Bank and Halyk Finance.

    • 21 Jan 2011
  • Bank of Georgia considers International bond for 2011

    Bank of Georgia is considering placing an international bond this year, but this is not related to its recently announced investor meetings, according to Mariam Kalandarishvili, investor relations official at the bank.

    • 21 Jan 2011
  • Uni-Invest could be caught up in noteholder conflict

    The Opera Finance (Uni-Invest) CMBS could breach its standstill agreement in February, opening the door to a conflict with noteholders. Servicer Eurohypo could struggle to convince noteholders it will act in their interests, as it also holds a mezz position in Uni-Invest.

    • 21 Jan 2011
  • Bonds Tables 1188

    • 21 Jan 2011
  • Strong demand for Scor’s Swiss franc hybrid

    Reinsurance firm Scor issued its first Swiss franc hybrid deal on Thursday, a Sfr400m bond. A generous coupon allowed the issuer to draw strong enough demand to double the size of the deal from its initial plans.

    • 21 Jan 2011
  • Citi’s fixed income disappoints again as investment banking revenues continue to fall

    Falling revenues in Citi’s securities and banking division — which comprises its investment banking and capital market activities — contributed to a fall in Citigroup’s pre-tax profits for the fourth consecutive quarter in Q4 2010. Overall, Citigroup revenues dropped to $1.06bn from $3.3bn in the third quarter.

    • 21 Jan 2011
  • Euro jumbos

    • 21 Jan 2011
  • Skeet joins Amias Berman

    Covered bond stalwart Tim Skeet this week started work at fixed income brokerage, advisory and origination firm Amias Berman.

    • 21 Jan 2011
  • Bookrunners of all global bonds (EMEA) — 2011 (January 19, 2011)

    • 21 Jan 2011
  • Bankers hope for euro unsecured FIG revival

    Bankers pinned their hopes on Raiffeisen Bank International’s debut benchmark on Thursday, willing it to lift the drooping euro senior unsecured FIG market.

    • 21 Jan 2011
  • Markit Data 1188

    • 21 Jan 2011
  • Busy benchmark calendar stunts demand for FIG MTNs

    A busy public bond market, combined with an abnormally wide gap between public and private pricing levels, is keeping demand for financial institution MTNs lower than usual for this time of year, despite improved investor sentiment.

    • 21 Jan 2011
  • Credito Valtellinese Scarl

    • 21 Jan 2011
  • St Johnston and Blain to head Newedge group

    Bill Blain and Jim St Johnston have joined broker-dealer Newedge as co-heads of its new special situations credit group, based in London. The new group will offer brokerage across asset classes.

    • 21 Jan 2011
  • Crédit Agricole SA (London)

    • 21 Jan 2011
  • Covered bonds go global as issuers fly in

    A clutch of issuers from outside Europe leapt into the covered bond market across a range of currencies this week in what was a spectacular display of a sector that is becoming increasingly international and important to bank funding teams around the world.

    • 21 Jan 2011
  • Noteholder groups threatens to block cheap Plantation sale

    One noteholder group in the REC 5 CMBS, backed by Plantation Place, has warned the others that it will block any proposals to sell the property at a distressed level.

    • 21 Jan 2011
  • Goldman profits fall but new structure shows dominance of client revenues

    Goldman Sachs has spent more time in the public eye over the past year than its senior managers would like, as a debate has played out in political and media circles over the extent to which the firm should be seeking to make money on its own account rather than serving clients in all that it does.

    • 21 Jan 2011
  • JP Morgan

    • 21 Jan 2011
  • Burden builds for structured issuers as new regs bite

    While Standard & Poor’s counterparty changes have been the main obstacle to issuance this year (see separate story), regulatory headwinds have also caused a headache for some issuers.

    • 21 Jan 2011
  • Crédit Mutuel Arkéa

    • 21 Jan 2011
  • Bookrunners of all international bonds — 2011 (January 19, 2011)

    • 21 Jan 2011
  • Rabo reels in Hybrid 2.0 as FIG world looks beyond Basel

    FIG bankers are clamouring for a quick follow-up to Rabobank’s landmark next generation hybrid this week, the first to include a permanent write-down feature. But few are confident that other leading banks will dare to follow in the triple-A Dutch mutual’s pioneering footsteps.

    • 21 Jan 2011
  • Nationwide blazes trail

    The UK’s Nationwide Building Society today priced a groundbreaking 15-year covered bond which, for the first time, has attracted UK insurance company demand on a scale that was, until recently, not imaginable. Recent changes to Solvency II, a significant back up in spreads and several other factors have forced these buyers to look at the product with a fresh set of eyes. And where Nationwide has trailed –others are sure to follow.

    • 21 Jan 2011
  • Nomura hires Prasad for top FIG role

    Nomura has hired Siddharth Prasad as head of EMEA FIG global finance. Prasad, who had been out of the market since leaving Bank of America Merrill Lynch in March 2010, joined the Japanese bank on Monday.

    • 21 Jan 2011
  • Asian private banks snap up ‘old style’ Prudential hybrid

    Asian private banks were the main buyers of a $550m 7.75% perpetual non-call 5-1/2 year hybrid tier one issue for Prudential that was priced last Friday. Private banks took more than 80% of the deal, with the bulk going to Singapore and Hong Kong, at 50% and 34%, respectively.

    • 21 Jan 2011
  • SNS to bolster capital with Aussie sub debt tender

    SNS Bank NV plans to bolster its core tier one capital through a liability management exercise. It has offered to buy back two Australian dollar denominated lower tier two securities at 95% of par.

    • 21 Jan 2011
  • BNPP looks to get ahead of competition in Aussie dollars

    BNP Paribas tapped the Australian dollar market last Friday for the first time in 2011, with a two tranche A$850m three year deal that sought to get ahead of the expectations of a crowded market. BNP Paribas, Commonwealth Bank of Australia and Westpac were the lead managers on the deal.

    • 21 Jan 2011
  • TruckLease sells Eu160m ABS backed by transport leases

    WestLB and NIBC Bank have closed a Eu160m equipment finance securitisation, TruckLease Compartment No. 1, based on German truck, trailer, bus, car and haulage leases originated by NL Mobil Lease and UTA Leasing.

    • 21 Jan 2011
  • UBI Banca opens way for mid sized banks

    UBI Banca joined Intesa Sanpaolo at the long end of the curve in a benchmark deal that leads said would help breed confidence for other mid sized Italian banks to tap the covered bond market.

    • 21 Jan 2011
  • Investment banking provides springboard for JP Morgan’s jump in profits for 2010

    JP Morgan set an optimistic tone at the start of the US bank results season last Friday, reporting a 55% increase in its profits to $24.859bn for the full year 2010. The bank’s $4.8bn net income for the fourth quarter — up 47% from the $3.3bn in the final quarter of 2009 — exceeded analysts’ expectations, as did earnings per share of $1.12.

    • 21 Jan 2011
  • Global FIG table

    • 21 Jan 2011
  • Prudential

    • 21 Jan 2011
  • Moves in Brief, January 21, 2011

    • 21 Jan 2011
  • Morgan Stanley’s fourth quarter IB profits fall 5% from 2009

    Morgan Stanley’s investment banking arm made pre-tax profits of $437m in the fourth quarter of 2010, up 80% from the third quarter, but down 5% from the fourth quarter of 2009. And the bank’s fixed income sales and trading business continued to disappoint.

    • 21 Jan 2011
  • New ABS supply on the way post-S&P changes

    The shadow cast by the introduction of Standard & Poor’s new ratings criteria this week is lifting. Some market participants say that with this out of the way, the pace of primary ABS issuance could increase in the months ahead.

    • 21 Jan 2011
  • Intesa pays premium to reopen Italian market

    Intesa Sanpaolo reopened the Italian covered bond market last Friday, launching the first of three obbligazioni bancarie garantite (OBG) which came within six days of each other.

    • 21 Jan 2011
  • India banks return to Swiss franc market

    Swiss franc investors are expanding their appetites again. Having already learned to love lower rated credits, they are now embracing issuers from growth markets. This week saw deals from state-owned banks in India and Russia, a development that bankers said was evidence of just how far Swiss franc demand had moved from when it was strictly focused on top rated big name borrowers.

    • 21 Jan 2011
  • Euro FIG table

    • 21 Jan 2011
  • ABN Amro stands out from crowd, goes fixed to build curve

    ABN Amro Bank seized the opportunity to build out its curve last week opting for a three year fixed rate format to cope with a senior market that was crowded with short dated floaters.

    • 21 Jan 2011
  • UKFI advisers may end up trapped between a Rock and a hard place

    The body responsible for looking after the UK goverment’s stakes in the financial sector that were acquired during the financial crisis this week fired the starting pistol on the return of building society Northern Rock to the private sector. But bankers expect the UKFI process to be a marathon rather than a sprint.

    • 21 Jan 2011
  • Covered goes global

    A clutch of issuers from outside Europe leapt into the covered bond market across a range of currencies this past week in what was a spectacular display of a sector that is becoming increasingly global.

    • 21 Jan 2011
  • Under the hood of the Rabobank hybrid

    Market participants were keen to dissect the Rabobank hybrid’s structure to assess how replicable it would be for other issuers. "The deal has been structured to be compliant with CRD2 from day one but also to incorporate as many of the Basel December requirements as possible.

    • 21 Jan 2011
  • ABN Amro Bank NV

    • 21 Jan 2011
  • MPS decides against tier one calls and fattens coupon

    Banca Monte dei Paschi di Siena will not call two hybrid tier one issues that are due to be called on February 7 and March 21. "The decision is reflective of the extraordinary circumstances attributable to the utmost uncertainty in the current legal and regulatory framework, which does not yet provide for clear guidance on new issues of capital instruments eligible as tier one," the bank said in a statement.

    • 21 Jan 2011
  • Kazakh banks back in bonds: Halyk takes $500m

    Halyk Savings Bank on Wednesday priced the first financial institution bond from Kazakhstan for three years — a $500m 10 year note sold via Citi, Deutsche Bank and Halyk Finance.

    • 20 Jan 2011
  • Holmes jumps first in UK prime RMBS

    Santander will bring the first UK prime RMBS deal of the year to market, through Holmes 2011-1. It has mandated BNP Paribas, Deutsche Bank, JP Morgan, and Santander GBM for a roadshow to start next week.

    • 20 Jan 2011
  • Crédit Agricole goes long in sterling

    Crédit Agricole raised £250m of 10 year money on Wednesday, one of a series of deals in different markets by the French bank this year.

    • 20 Jan 2011
  • Morgan Stanley IB profits down 5%

    Morgan Stanley investment banking arm made pre-tax profits of $437m in the fourth quarter of 2010, up 80% from the third quarter but down 5% from the fourth quarter of 2009. And the bank’s fixed income sales and trading business continued to disappoint.

    • 20 Jan 2011
  • Primary surges as seven deals hit screens

    After a slow Wednesday, the European primary market aggressively picked up pace on Thursday with a range of seven deals from six jurisdictions was announced. Many have gone live and all appear to have been readily digested –in large part reflecting the constructive underlying tone to credit markets.

    • 20 Jan 2011
  • Busy benchmarks stunt demand for bank MTNs

    A high level of activity in the public bond market, combined with an abnormally wide gap between public and private pricing levels, is keeping demand for FIG MTNs lower than usual for the time of year.

    • 20 Jan 2011
  • Shinsei decides against tier two call

    Shinsei Bank will not call a euro denominated lower tier two issue due to be called on February 23, it announced on Thursday.

    • 20 Jan 2011
  • Holmes jumps first in UK prime

    Santander will bring the first UK prime RMBS deal of the year to market, through Holmes 2011-1. It has mandated BNP Paribas, Deutsche Bank, JP Morgan, and Santander GBM for a roadshow to start next week.

    • 20 Jan 2011
  • All Benchmarks

    • 20 Jan 2011
  • TruckLease equips European ABS

    WestLB and NIBC Bank have closed a Eu160m equipment finance securitisation, based on truck, trailer, bus, car and haulage leases originated by NL Mobil Lease and UTA Leasing.

    • 20 Jan 2011
  • Market looks to Raiffeisen to inspire confidence

    FIG bankers are hoping that Raiffeisen Bank’s oversubscribed deal, which has priced at the tighter end of guidance, will inject confidence into a sulky senior unsecured market.

    • 20 Jan 2011
  • Delta Lloyd's Arena RMBS book to close Friday

    Books on Dutch mortgage lender Delta Lloyd’s Arena 2011-1 RMBS will close on Friday, according to syndicate bankers managing the sale. Joint leads Rabobank and Royal Bank of Scotland are still waiting for a number of accounts to come in but books are building for the publicly sold senior tranches.

    • 20 Jan 2011
  • Arena to close on Friday

    Delta Lloyd’s Arena 2011-1 Dutch RMBS will close on Friday, according to syndicate bankers managing the sale.

    • 20 Jan 2011
  • Rabobank's trailblazing hybrid to price inside whisper

    Rabobank will price its $2bn perpetual non-call 5-1/2 year hybrid tier one issue at 8.375% on Wednesday, having attracted more than $6.5bn orders for the deal.

    • 19 Jan 2011
  • Bank of Georgia considers bond for 2011

    Bank of Georgia is considering placing an international bond this year, but this plan is not related to its recently announced investor meetings, according to Mariam Kalandarishvili, an investor relations official at the bank.

    • 19 Jan 2011
  • Credit Ag goes for 10s as FIG borrowers turn to sterling

    Crédit Agricole is the second bank to turn to the sterling market for senior unsecured funding this week, following a £500m six year deal for JP Morgan on Tuesday. Lead managers Barclays Capital, Crédit Agricole and Nomura have released price guidance of 165bp over mid-swaps area for the French bank’s 10 year issue.

    • 19 Jan 2011
  • Canadian, Oz and Kiwis enter as Europeans slacken

    The primary market for European bank issued covered bonds appears to be gently slowing with just one deal from France’s Dexia MA pricing yesterday and another from Germany’s Aareal closing books at midday. In contrast a number of transactions are in the works from Canadian and Australian banks across a range of currencies –inaugural deals from new issuers and several rumours of others.

    • 19 Jan 2011
  • Arena guidance out, but new regs mean slower progress

    Guidance on Arena 2011-1, the first European RMBS of 2011, will be 105bp-110bp on the ‘A1’ notes and 145bp-150bp on the ‘A2s’, but deal progress has been slow, as harsher regulatory disclosure requirements start to bite.

    • 19 Jan 2011
  • ABN Amro’s covered bond stuck at Sfr150m

    Choppy market conditions limited Tuesday’s seven year covered bond for ABN Amro to the launch size of Sfr150m. This is the borrower’s second deal of the year after last week’s Sfr150m five year senior unsecured trade. Credit Suisse and BNP Paribas were the lead managers.

    • 19 Jan 2011
  • Fitch cuts NBG’s covered bonds on sovereign rating

    Fitch yesterday (Tuesday) downgraded covered bonds issued by the National Bank of Greece to BBB+ and removed them from negative review.

    • 19 Jan 2011
  • Serocold joins ICMA to head secondary market practice

    John Serocold has joined the International Capital Market Association as a senior adviser in its regulatory policy and market practice team. He will lead its secondary market practice work, including working on co-ordinating the response of member firms to European regulatory reforms such as the Markets in Financial Instruments Directive.

    • 19 Jan 2011
  • European ABS avoids worst S&P downgrade fears

    Standard & Poor’s CreditWatch Negative list shows that European ABS has fared better than expected under the agency’s new counterparty criteria. S&P said in December that 80%-90% of European RMBS could be affected, but figures released today show only 62% of the asset class on CreditWatch Negative. ABS also beat expectations, with 28% on CreditWatch against an S&P estimate of 45%-55%.

    • 19 Jan 2011
  • Moody’s reports highest level of RWN since 2007

    Moody’s expects negative rating actions on covered bonds to substantially outnumber any positive actions in the year ahead, due principally to weakness in the sovereign and banking sectors.

    • 19 Jan 2011
  • Bailey quits RBC

    Marshall Bailey, former head of EMEA & Asia global financial institutions coverage at RBC Capital Markets, has left the bank. Bailey’s background was in central bank coverage and institutional FX, both at RBC, from 1993 onwards.

    • 19 Jan 2011
  • MPS passes on tier one call, fattens coupon

    Banca Monte dei Paschi di Siena will not be calling two hybrid tier one issues that are due to be called on February 7 and March 21. In a statement, the bank said “the decision is reflective of the extraordinary circumstances attributable to the utmost uncertainty in the current legal and regulatory framework, which does not yet provide for clear guidance on new issues of capital instruments eligible as tier one.”

    • 19 Jan 2011
  • Skeet joins Amias Berman

    Covered bond stalwart, Tim Skeet, has this week commenced work with fixed income brokerage, advisory and origination firm, Amias Berman & Co (ABco).

    • 19 Jan 2011
  • FIG borrowers head for sterling as euro market sags

    Bank borrowers looking for senior unsecured funds are shunning the wobbly euro market in favour of sterling issuance. JP Morgan’s £500m six year trade has tightened since pricing on Tuesday, while Crédit Agricole’s 10 year sterling deal is said to be progressing well.

    • 19 Jan 2011
  • Arena guidance out, but new regs slow progress

    Guidance on Arena 2011-1, the first European RMBS of 2011, will be 105bp-110bp on the A1 notes and 145bp-150bp on the A2s, but deal progress has been slow, as harsher regulatory disclosure requirements start to bite.

    • 19 Jan 2011
  • Merrill Lynch FIG face resurfaces at Nomura

    Merrill Lynch’s former head of EMEA FIG DCM has pitched up at Nomura, EuroWeek can report.

    • 18 Jan 2011
  • Abbey goes for quality over size

    The UK’s Abbey yesterday priced a Eu750m seven year UK regulated covered bond in line with guidance at 150bp over mid swaps. Though ostensibly a smooth book build, those close to the deal said it was far from straightforward, in large part owing to the pricing challenges it faced with respect to its parent company, Santander. Nonetheless, with careful attention to pricing comparables and deal size, a good quality book was successfully achieved.

    • 18 Jan 2011
  • All covered bonds

    • 18 Jan 2011
  • Strong foreign bid for Banco Popolare’s OBG

    Banco Popolare Societa Cooperativia launched a Eu700m three year obbligazioni bancarie garantite yesterday (Monday), following Intesa Sanpaolo’s successful reopening of the Italian covered bond market last week. Although the deal had all the hallmarks of success, there is an increasing concern that investors now have so much high yield choice from top-tier names that second tier institutions, like Popolare, risk being crowded out.

    • 18 Jan 2011
  • Italian and Spanish banks getting three month CP in size

    Italian and Spanish banks have benefited from an improved market tone and have been able to print larger three-month CP deals than in recent weeks — a development that dealers described as encouraging.

    • 18 Jan 2011
  • Euro senior market claims first victim as Popolare di Milano waits for better climate

    The euro senior unsecured market claimed its first victim on Tuesday when Banca Popolare di Milano decided to hold back from issuing after mandating a transaction.

    • 18 Jan 2011
  • Dexia MA triple digit spread viewed as interesting

    The focus of attention today is on Dexia MA which is expected to price a 10-year Obligation foncières this afternoon in line with guidance of mid swaps plus low 100bp area through joint leads Crédit Agricole, Dexia, DZ, and SG.

    • 18 Jan 2011
  • Fitch lowers five Greek issuers on sovereign cut

    Fitch yesterday (Monday) downgraded the issuer ratings of five Greek banks from BBB- to BB+ and removed them from negative review, though the outlook on the long term ratings is negative.

    • 18 Jan 2011
  • BayernLB attracts decent foreign demand

    BayernLB yesterday (Monday) tapped the covered bond market for a Eu1bn public sector backed Pfandbrief via joint leads BayernLB, Crédit Agricole, DZ Bank HSBC and SG. The 2.75% July 2016 priced in line with mid swaps plus 12bp area guidance on a modestly oversubscribed order book and particularly benefited from strong foreign investor demand.

    • 18 Jan 2011
  • Where Rabo leads, others must follow

    True to form, Rabobank is testing the waters with a new structure for hybrid tier ones. The deal is a special case, but it needn’t remain so. It is time for others to take the plunge.

    • 18 Jan 2011
  • Citi IB revenues fall for fourth consecutive quarter

    Citigroup’s pre-tax profits fell for the fourth consecutive quarter in Q4 2010, dropping to $1.06bn from $3.3bn in the third quarter – partly due to falling revenues in its securities and banking division, which comprises its investment banking and capital market activities.

    • 18 Jan 2011
  • S&P rates not wisely, but too well

    By backtracking on its proposals to reform its swap counterparty requirements for covered bonds, Standard and Poor's has undermined its own efforts to tackle an area of legitimate concern. Whatever it does now, its credibility will take a knock.

    • 18 Jan 2011
  • JP Morgan looks for duration in sterling

    JP Morgan is out with pricing levels for a new sterling deal, its first benchmark in the currency since 2007.

    • 18 Jan 2011
  • All eyes on Rabo as issuer starts marketing new style tier one

    There is a lot riding on the new Rabobank hybrid tier one. The deal is the first of its kind, with investors set to suffer a permanent write-down of principal if the issuer breaches a certain capital ratio. In spite of its novelty, market participants are hoping it generates enough interest to pave the way for future issuance from the sector.

    • 18 Jan 2011
  • Euro senior market claims first victim as Popolare di Milano waits for better climate

    The euro senior unsecured market claimed its first victim on Tuesday when Banca Popolare di Milano decided to hold back from issuing after mandating a transaction.

    • 18 Jan 2011
  • SNS to bolster capital with Aussie sub debt tender

    SNS Bank NV plans to bolster its core tier one capital through a liability management exercise. It has offered to buy back two Australian dollar denominated lower tier two securities at 95% of par.

    • 17 Jan 2011
  • Rabo beats expectations with second Swiss franc FRN

    Rabobank Nederland last Friday came to the Swiss market for the second time this year, with a Sfr400m two year bullet.

    • 17 Jan 2011
  • ABN Amro opts for rare fixed deal

    ABN Amro Bank NV broke out of the senior unsecured pattern on Friday, launching a three year fixed rate deal to avoid over-crowding and build its curve, a funding official at the issuer told EuroWeek.

    • 17 Jan 2011
  • VW opens autos for 2011

    Volkwagen Bank is bringing the first auto securitisation of the year to market, a Eu714.4m German loans securitisation through Driver Eight.

    • 17 Jan 2011
  • FIG pricing disconnect hurts the MTN market

    In spite of an improved market tone on Monday morning, MTN dealflow from FIG issuers is likely to be stunted as the market continues to be overshadowed by heavy public issuance — not helped by a disconnect between the prices that issuers are posting for the public market and less attractive levels for private placements.

    • 17 Jan 2011
  • Rabobank to take leap of faith with new style hybrid tier one

    Rabobank is set to be the first issuer to issue a hybrid tier one instrument with permanent write-down features, having mandated Bank of America Merrill Lynch, Credit Suisse, Morgan Stanley and Rabobank for a deal.

    • 17 Jan 2011
  • Swedbank sells delayed five year

    Swedbank Mortgage Bank on Friday launched a Eu1bn five year deal which had been postponed the previous week. Though this delay probably benefitted the issuer, some players seemed to think this was not the best execution.

    • 17 Jan 2011
  • Asian private banks snap up Pru hybrid

    Asian private banks were the main buyers of a $550m 7.75% perpetual non-call 5-1/2 year hybrid tier one issue for Prudential that priced last Friday.

    • 17 Jan 2011
  • Euro senior floats on but market middling

    Despite three banks tapping the euro market for senior unsecured funds on Monday morning, the state of the market left syndicate bankers in London unimpressed.

    • 17 Jan 2011
  • Blain and St Johnston to head Newedge special situations group

    Bill Blain and Jim St Johnston have joined broker-dealer Newedge as co-heads of its new special situations credit group, based in London. The pair joined from Matrix, where they were co-heads of fixed income, and started last Monday.

    • 17 Jan 2011
  • Successful Swiss debut for Union Bank of India

    Union Bank of India tapped the Swiss franc market for the first time last Friday, with a Sfr160m 4.5 year deal. Barclays led the transaction, which was increased after what the bookrunner said was strong demand.

    • 17 Jan 2011
  • Primary pace maintains momentum

    After a busy close to last week, covered bond activity has followed through this week with Abbey, Dexia MA and Westpac announcing deals while active bookbuilding commenced on Abbey, Banco Populare and Bayern LB.

    • 17 Jan 2011
  • S&P counterparty doomsday postponed

    Standard and Poor’s new structured finance counterparty criteria, which were due to go into effect today, will not apply to covered bonds until S&P has the chance to review further. Until Thursday, up to 80% of covered bond programmes were expected to go on CreditWatch Negative today, with the rating agency reporting only a few covered bond issuers that had credible plans to make their programmes compliant.

    • 17 Jan 2011
  • Investment banking the springboard for JP Morgan profit jump

    JP Morgan set an optimistic tone at the start of the US bank results season on Friday, reporting a 48% increase in net income to $17.4bn for the full year 2010.

    • 17 Jan 2011
  • BNP Paribas looks to get ahead of the competition in Aussie dollars

    BNP Paribas tapped the Australian dollar market last Friday for the first time in 2011, with a two tranche A$850m three year deal that sought to get ahead of expectations of a crowded market. BNP Paribas, Commonwealth Bank of Australia and Westpac were the lead managers.

    • 17 Jan 2011
  • Leads take no risks with Intesa

    Leads could not afford to take any risks with the pricing of Intesa Sanpaolo’s Eu1.5bn 10-year last week and therefore opted, for what some believed, was an overly generous price. But with an eye on the long line of local issuers that plan to follow it, leads and the issuer had to price the deal responsibly –for the benefit of the Italian market as a whole.

    • 17 Jan 2011
  • Brief: UBI opens Swiss franc bond market for Indian banks

    Union Bank of India became the first Asian bank to sell an international bond issue this year, when it closed a Sfr160m ($166m) deal at the end of last week. It was the first Swiss franc issue from an Indian bank in more than 20 years.

    • 16 Jan 2011
  • Bondholder-friendly terms on AIB liability management

    Allied Irish Banks this week announced the terms of its liability management exercise, in which it plans to buy its subordinated debt at a deep discount to par. Despite that deep discount, the terms were not as bad as the market had feared and bondholder take-up is likely to be high.

    • 14 Jan 2011
  • Moody’s warns against ‘widespread overreliance on ratings in regulation’

    Moody’s published its response to the European Commission consultation on rating agencies on Thursday, arguing that "the widespread use of and overreliance on ratings in regulation" was a major cause of many of the issues the Commission highlighted in its consultation paper.

    • 14 Jan 2011
  • Halyk picks banks for first Kazakh bank deal since crisis

    Halyk Savings Bank of Kazakhstan has mandated Citi, Deutsche Bank and Halyk Finance to arrange meetings with investors with a view to launching a 144a deal. Size and maturity have not yet been indicated.

    • 14 Jan 2011
  • Investors respond as Piraeus pitches Eu800m rights issue

    Piraeus Bank executives were taking nothing for granted ahead of the subscription period for the firm’s Eu807m rights issue, beginning a 10 day European roadshow in London on Monday, despite indications that the deal will be covered even before existing institutional investors make their decisions.

    • 14 Jan 2011
  • Bookrunners of all international bonds — 2011 (January 12, 2011)

    • 14 Jan 2011
  • Investors pick pricing with premiums starting to rise

    The deluge of pent-up covered supply has made it a buyers’ market. One result of this has been a noticeable rise in the new issue premiums necessary to attract investor attention, though even this is no guarantee of smooth execution.

    • 14 Jan 2011
  • BaFin clarification could hit multi-cédulas hard

    In a move that may lead to renewed volatility of certain covered bonds, the German regulator, BaFin, sent out a draft letter that aims to clarify how domestic insurance companies treat structured covered bonds for capital adequacy purposes. The harsher treatment has added to concerns that these structures may weaken, though for some investors this may herald an investment opportunity.

    • 14 Jan 2011
  • UniCredit Spa

    • 14 Jan 2011
  • Markit Data 1187

    • 14 Jan 2011
  • Lloyds TSB Bank

    • 14 Jan 2011
  • ABS market sanguine ahead of S&P Neg Watch

    European ABS market participants say spreads have stayed solid ahead of the Standard & Poor’s criteria changes next Tuesday, which will see up to 90% of European RMBS go on CreditWatch Negative.

    • 14 Jan 2011
  • Popolare begins Eu2bn offer

    Italy’s Banco Popolare launched its long-awaited Eu2bn rights issue on Wednesday evening after the company’s board signed off on the terms. The bank will offer seven new shares for each five shares or convertible bonds held, at Eu1.77 each. That’s a 29% discount to the theoretical ex-rights price of Eu2.492.

    • 14 Jan 2011
  • Cat bond market set for possible record 2011

    The latest figures for issuance in the catastrophe bond market show the sector is on a roll — the total volume for last year stood at $5bn (a figure that would be higher if private placements were included). This compares with the $7bn seen at its peak in 2007.

    • 14 Jan 2011
  • Crédit Agricole

    • 14 Jan 2011
  • Basis swap throws banks a bone — for now

    Tightening of the basis swap between dollars and euros led top-flight sovereign, supranational and agency issuers to take a back seat in the CP market towards the end of the week.

    • 14 Jan 2011
  • Credibility on the line in new EU stress tests

    The European Banking Authority is to conduct EU-wide stress tests in the first half of the year, and faces the challenge of convincing the market of their credibility. Last July’s tests were widely criticised by market participants as not sufficiently rigorous — although the data that resulted was seen as helpful to analysts.

    • 14 Jan 2011
  • Moves in Brief, January 14, 2011

    • 14 Jan 2011
  • Prudential to bring hybrid tier one market back to life

    Prudential is set to re-open the hybrid tier one market on Friday when it prices a perpetual non-call 5-1/2 year issue.

    • 14 Jan 2011
  • ING goes against the flow, opts for 10 yr with Basel III in mind

    ING Bank bucked the week’s trend for short tenor trades in the euro senior FIG market in order to prepare for Basel III, a senior funding official at the issuer told EuroWeek.

    • 14 Jan 2011
  • Credit Ag goes short as asset managers fear rate rises

    Rate hike worries triggered a volte face short end bid from asset managers this week, pushing Crédit Agricole to issue the largest foreign sector covered bond since June.

    • 14 Jan 2011
  • Nordic pricing settles inside banks’ cost of funds

    Vattenfall, a Swedish state owned utility, is marketing a Eu2.5bn five year revolving credit line. And with much more refinancing on the way in 2011, bankers in the Nordic region are confident that pricing has stabilised after aggressively tightening in the second half of 2010.

    • 14 Jan 2011
  • Pfandbrief buyers still not full as supply grows

    A trio of German issuers launched benchmark deals across a range of maturities this week, all of which met with strong domestic demand as cash-rich German investors showed no signs of indigestion.

    • 14 Jan 2011
  • ING turns to Swiss francs before going into blackout

    In what proved a busy week for ING, the Dutch bank tapped the Swiss franc market on Monday with a two tranche deal, in what was one of its last deals before heading into earnings blackout.

    • 14 Jan 2011
  • Bail-in proposal brings senior woes to surface

    Shockwaves from the European Commission’s proposal that bank bail-ins should include senior debt intensified this week as the Association of British Insurers (ABI) warned of severe consequences for banks’ secondary bonds and access to finance while rating agencies prepared for swingeing downgrades.

    • 14 Jan 2011
  • BayernLB mandates

    Bayerische Landesbank has mandated BayernLB, Credit Agricole, DZ, HSBC and SG for a July 2016 public sector jumbo Pfandbrief.

    • 14 Jan 2011
  • LatAm banks step up early borrowing assault

    Latin American banks continued last week’s borrowing spree, with new deals emerging from Banco do Brasil, Banco Cruzeiro do Sul, Banco Daycoval and Banco Santander Chile.

    • 14 Jan 2011
  • Bookrunners of all global bonds (Americas) — 2011 (January 12, 2011)

    • 14 Jan 2011
  • Technikabank to test EM appetite with dollar bond

    Azerbaijan’s Technikabank (also known as Texnikabank) is roadshowing a dollar bond in Asia and Europe via lead managers Commerzbank and HSBC.

    • 14 Jan 2011
  • Simple structures flavour of month in tricky MTN market

    The increased popularity of covered bonds since the start of the year led to several private placements for FIG issuers this week, while market volatility and low rates spurred issuance of simple structures.

    • 14 Jan 2011
  • First Gulf, CAF and UBI in Swiss franc EM rush

    First Gulf Bank, Corporación Andina di Fomento and Union Bank of India were in the Swiss franc market on Thursday, starting the promised 2011 rush of emerging market issuers into the market.

    • 14 Jan 2011
  • Banks head Stateside for funding as sovereigns, bail-ins sour euro market

    Banks are fleeing the ailing euro senior unsecured market to tap into buoyant appetite for FIG debt in the US. While bail-in and sovereign financing concerns restricted European activity this week to a handful of defensive trades in short maturities, the Yankee market fell just short of last year’s new issue record.

    • 14 Jan 2011
  • Safe Swedish pair

    Two Swedish transactions appear to have gone smoothly, underscoring in one syndicate banker’s view the “safe haven bid for anything Scandinavian”.

    • 14 Jan 2011
  • Bankinter succeeds but at what price?

    Spain’s Bankinter has priced a Eu500m, no grow, two-year cédulas hipotecárias at 310bp over mid-swaps which, though inside 315bp area guidance and a 320bp price whisper, was the widest primary print for any Spanish issuer on record.

    • 14 Jan 2011
  • Bleak future for hybrid bank capital amid harsh Basel rules

    A much harsher regulatory regime is in store for bank capital instruments, following the clarification this week from the Basel Committee on Banking Supervision on what loss-absorbency features they need in order for them to be included as regulatory capital.

    • 14 Jan 2011
  • Euro jumbos

    • 14 Jan 2011
  • Lloyds stumbles, RBS strengthens in secondary

    Lloyds TSB and Royal Bank of Scotland came to market last Friday though success was not uniform across the two UK transactions.

    • 14 Jan 2011
  • Bonds Tables 1187

    • 14 Jan 2011
  • Banque Fédérative du Crédit Mutuel

    • 14 Jan 2011
  • BPCE SA

    • 14 Jan 2011
  • FSA plans threaten quick FIG capital raisings

    A consultation paper released this month by the UK’s Financial Services Authority could make opportunistic capital raisings more difficult for banks and insurance companies.

    • 14 Jan 2011
  • ABN Amro

    • 14 Jan 2011
  • Intesa reopens Italian market in 2011

    Intesa Sanpaolo launched a Eu1.5bn 10 year obbligazioni bancarie garantite today (Friday), the first Italian issue of the new year, and one of the most heavily oversubscribed deals of the last two weeks.

    • 14 Jan 2011
  • Yankee banks set record pace for issuance

    Bank issuance in the Yankee market is on course for a record start to the year after borrowers tapped the market for $14bn of deals in just three days this week.

    • 14 Jan 2011
  • HERMES XVII could be last Dutch equity tranche to market

    Jefferies sold the Eu91m first loss piece of SNS’s HERMES XVII into the market in December 2010, a deal which could turn out to be the last equity tranche of any Dutch securitisation to come to market.

    • 14 Jan 2011
  • Commerz makes tactical move on capital with Eu626m ABB

    Commerzbank on Thursday morning raised Eu626m from a 10% less one share capital increase to fund a tender offer for some of its trust preferred hybrid capital. Investors reacted well to the tactical, opportunistic sale, despite knowing that much larger and strategic Commerzbank share sales are expected this year as it repays state aid.

    • 14 Jan 2011
  • ING Bank

    • 14 Jan 2011
  • Soft demand for ABN Amro Swissie as investors hold off

    Patchy investor demand for senior unsecured paper and difficult Swiss franc market conditions limited Tuesday’s five year deal from ABN Amro to the initial launch size of Sfr150m, some way off a benchmark size of Sfr250m. The lead managers were Credit Suisse and UBS.

    • 14 Jan 2011
  • European secondary market loan prices reach 29 month high

    Average bid prices on European leveraged loans reached 90.28 on Thursday’s close, according to Markit data. It is their highest level since August 2008.

    • 14 Jan 2011
  • Basel out with final rules for bank capital instruments

    The Basel Committee for Banking Supervision on Thursday released the final details of what features bank capital instruments will need to include in order to be counted as regulatory capital.

    • 13 Jan 2011
  • HERMES XVII could be last Dutch equity tranche to market

    Jefferies sold the Eu91m first loss piece of SNS’s HERMES XVII into the market in December 2010, a deal that could turn out to be the last equity tranche of any Dutch securitisation to come to market.

    • 13 Jan 2011
  • BPCE, BFCM look to short end demand in senior FIG

    Banks are sticking firmly to the short end of the euro senior FIG market, as they seek to skirt around bail-in, supply and spread worries that pick up with longer maturities.

    • 13 Jan 2011
  • Great Eastern opens up sub market for insurance firms

    Great Eastern Life Assurance this week became the first Asian insurance company outside Australia or Japan to sell a subordinated bond. The Singaporean borrower raised S$400m ($310.5m) in a deal that bankers hope will encourage regulators across Asia to let insurers turn to the debt markets to shore up their capital positions.

    • 13 Jan 2011
  • Pru to bring hybrid tier one market back to life

    Prudential is set to re-open the hybrid tier one market either on Thursday or Friday when it prices a perpetual non-call 5-1/2 year issue. The issuer has mandated Bank of America Merrill Lynch, Barclays Capital, Deutsche Bank, HSBC and Goldman Sachs for the deal which will be at least $300m and will be sold into the Asian private banks network.

    • 13 Jan 2011
  • Teething trouble for First Gulf and UBI in Swiss franc EM rush

    First Gulf Bank and Union Bank of India are in the Swiss franc market today, starting the promised 2011 rush of emerging market issuers into the market.

    • 13 Jan 2011
  • Credit Ag goes short in Swiss

    Crédit Agricole has issued a Sfr275m three year Swiss franc covered bond, tapping institutional demand for shortening durations. While extended durations were the order of the day at the end of 2010, some asset managers are expecting a rise in interest rates this year and they are scrambling to shorten the duration of their portfolios.

    • 13 Jan 2011
  • Technikabank bond tests excitement over EM

    Azerbaijani Technikabank (Texnikabank) is roadshowing a dollar bond in Asia and Europe via lead managers Commerzbank and HSBC.

    • 13 Jan 2011
  • Mediocredito rolls over Eu1bn MTN programme

    Mediocredito Investitionsbank has renewed its Eu1bn MTN programme, arranged by Banca IMI. The Italian issuer signed the new programme on Tuesday, but will most probably wait until the second half of 2011 to issue, according to a senior funding official.

    • 13 Jan 2011
  • Commerz hikes capital for hybrid tender

    Commerzbank on Thursday morning raised Eu626m from a 10% less one share capital increase to fund a tender offer for some of its trust preferred hybrid capital. Investors reacted well to the tactical, opportunistic sale, despite knowing that much larger and strategic Commerzbank share sales are expected this year as it repays state aid.

    • 13 Jan 2011
  • Eurohypo capitalizes on unwavering German demand

    Eurohypo convinced 75 accounts to participate in a Eu1.25bn five transaction yesterday (Wednesday), the majority of which were real money investors with German interest driving demand.

    • 13 Jan 2011
  • Caja Murcia cédulas cut on issuer downgrade

    Fitch yesterday (Wednesday) downgraded mortgage backed covered bonds issued by Caja de Ahorros de Murcia from AAA to AA, and removed them from negative review, following its downgrade of Caja Murcia’s issuer rating from A+ to BBB+.

    • 13 Jan 2011
  • Erste sees strong demand for rare Austrian 10 year

    Austria’s Erste Group Bank has closed books on a Eu1bn 10 year benchmark, which is expectred to price in line with guidance of the low 70bp over mid-swaps area. The rare benchmark, jointly led by Barclays Capital, Credit Agricole, DZ Bank and Erste, has proved a runaway success.

    • 13 Jan 2011
  • EBA announces new EU-wide stress tests

    The European Banking Authority (EBA) is to conduct EU-wide stress tests in the first half of 2011. The EBA, which replaces the Committee of European Banking Supervisors (CEBS) and came into being on January 1 2011, said that the results of the tests would be published in the middle of the year and would cover a “broadly similar group of banks as last year”. Some 91 banks were tested last year.

    • 13 Jan 2011
  • Peripheral supply announced after auction optimism

    Following successful Spanish and Italian government bond auctions the primary covered bond market picked up pace today with three mandate announcements two of which are from peripheral European jurisdictions. And, while conditions hold out, there are likely to be a few more mandates in the wings.

    • 13 Jan 2011
  • Eurohypo pays up but has market to itself

    Germany’s Eurohypo had the primary market to itself today, launching a Eu1.25bn five year mortgage backed Pfandbrief at 40bp over mid swaps, the middle of guidance. The deal is expected to price this afternoon via leads Commerzbank, Barclays Capital, BNP Paribas, UniCredit and UBS.

    • 12 Jan 2011
  • Regulatory squeeze on ABS to boost covered bonds, says JPMorgan

    JPMorgan’s ABS outlook for the year says that the regulatory preference for covered bonds at the expense of securitisation has never been more prominent.

    • 12 Jan 2011
  • ING succeeds at long end

    ING Bank bucked the trend for defensive, short tenor trades on Tuesday, but on Wednesday it followed others in the senior market to price its bond at the wide end of guidance.

    • 12 Jan 2011
  • All benchmarks

    • 12 Jan 2011
  • Piraeus pitches rights as periphery rallies

    Piraeus Bank executives were taking nothing for granted ahead of the subscription period for the firm’s Eu807m rights issue, beginning a 10 day European roadshow in London on Monday, despite indications that the deal will be covered even before existing institutional investors make their decisions.

    • 12 Jan 2011
  • Soft demand for ABN Amro Swissie

    Patchy investor demand for senior unsecured paper and difficult Swiss franc market conditions limited Tuesday’s five year deal from ABN Amro to the initial launch size of Sfr150m, some way off a benchmark size of Sfr250m. Lead managers were Credit Suisse and UBS.

    • 12 Jan 2011
  • FIG borrowers rethink pricing as investors demand premiums

    Bank borrowers have had to take a second look at new issue premiums this week, with deals priced on Tuesday coming at the wide end of guidance — and firmly in the territory of double digits above secondary levels.

    • 12 Jan 2011
  • Multi-cédulas show value, but could cheapen

    News earlier this week that the German regulator, Bafin, had sent out a draft letter regarding the treatment of structured covered bonds, has added to concerns that certain structures may see renewed selling pressure. But for some investors this may herald an investment opportunity.

    • 12 Jan 2011
  • Regulatory ABS squeeze boosts covered bonds -JPM

    JP Morgan’s ABS outlook for the year says that the regulatory preference for covered bonds at the expense of securitisation has never been more prominent, and predicts that ABS will still play second fiddle to covered bonds as the preferred secured funding route.

    • 12 Jan 2011
  • French insurers lift CM CIC

    CM CIC yesterday priced the first French covered bond to extend beyond the well populated 10-year part of the curve, issuing a Eu1bn 12-year. The 4.125% due 16 January 2023 was jointly led by Barclays Capital, Deutsche Bank and HSBC.

    • 11 Jan 2011
  • Halyk Savings Bank mandates for 144a deal

    Halyk Savings Bank of Kazakhstan has mandated Citi, Deutsche Bank and Halyk Finance to arrange meetings with investors with a view to a 144a deal.

    • 11 Jan 2011
  • The covered bond market should wake up and smell the counterparty criteria

    Ratings-driven investment isn’t exactly flavour of the month, but with 70%-80% of the covered bond market going on CreditWatch Negative next Monday, price action ought to be a little more exciting.

    • 11 Jan 2011
  • Investor cautiousness strains ABN’s Swiss venture

    ABN Amro launched a Sfr150m five year senior unsecured bond on Tuesday with Credit Suisse and UBS as lead managers. However, investor cautiousness, triggered by worries over eurozone debt woes, is making for tricky conditions. Bankers also noted volatility around the swap rate.

    • 11 Jan 2011
  • Farewell senior FIG. Nice knowing you

    A regulatory barrage and worsening conditions mean that the senior FIG debt market is suffering. It may not recover for a very long time.

    • 11 Jan 2011
  • Fitch places Navarra’s cédulas on negative review

    Fitch today (Tuesday) placed mortgage covered bonds issued by Caja de Ahorros y Monte de Piedad de Navarra on review for possible downgrade.

    • 11 Jan 2011
  • ING Bank prices dual tranche Swiss franc issue

    ING Bank braved unfavourable senior debt market conditions in the wake of last week's European Commission paper on bank bail-ins, pricing a Sfr200m dual tranche deal on Monday through lead manager Deutsche Bank, but with bankers speculating that it might have achieved greater size in better market conditions.

    • 11 Jan 2011
  • BIS makes senior appointments

    The Bank for International Settlements has announced two senior appointments. The BIS said on Monday that it had appointed Masaaki Shirakawa as vice-chairman to its board of directors.

    • 11 Jan 2011
  • Domestic banks pile in for Germany duo

    Dexia Kommunal Bank sold a Eu1b five year benchmark yesterday (Monday), which leads BayernLB, DZ Bank, Deka Bank, Deutsche Bank, Dexia, HSBC and UniCredit priced at 35bp over mid swaps, the middle of guidance.

    • 11 Jan 2011
  • ING bucks senior trend with new 10 year

    ING Bank is set to buck the short maturity FRN trend in the European senior FIG market with a new 10 year.

    • 11 Jan 2011
  • JPM warns on possible multi-notch downgrades for banks

    European financial analysts at JPMorgan have warned that European banks could be subjected to multi-notch ratings downgrades as European bail-in regimes get implemented. In a note entitled “the great bank downgrades” and published last Friday, analysts said that bank ratings had traditionally incorporated some implicit or explicit state support but that this was going to change.

    • 11 Jan 2011
  • Flurry turns to radio silence

    After the flurry of four deals that priced yesterday afternoon (See separate comments), the market has gone into radio silence.

    • 11 Jan 2011
  • SSAs threaten to crowd out banks in CP market

    Bank issuers in the commercial paper market are facing increased pressure from sovereigns, supranationals and agencies, which are able to offer more attractive returns, say dealers.

    • 11 Jan 2011
  • LBBW’s Oepfa is more like a rates product

    The pricing of LBBW’s three year public sector Pfandbrief yesterday was probably one of the easiest trades of this year. Along with a handful of other German issuers, it is about as far up towards the rates spectrum for covered bonds as any issuer can get.

    • 11 Jan 2011
  • Pace of senior issuance picks up as issuers pile into the short end

    The pace of issuance in the European senior market has picked up as borrowers try to get funding on board. But the market is already showing signs of strain, with deals pricing at the wide end of guidance.

    • 11 Jan 2011
  • ING turns to Swiss francs before blackout

    ING Bank is tapping the Swiss franc market on Monday with a two tranche deal, in what is expected to one of the last deals from the Dutch institution before it heads into earnings blackout.

    • 10 Jan 2011
  • First RMBS of 2011 as S&P ‘doomsday’ approaches

    Rabobank and Royal Bank of Scotland will take Delta Lloyd’s Arena 2011-1 RMBS on the road this week, in what could be the first European RMBS of 2011.

    • 10 Jan 2011
  • NordLB sells rare tight 10 year

    Norddeutsche Landesbank today (Monday) launched a Eu1bn no grow 10 year Pfandbrief, which leads Barclays Capital, BayernLB, Natixis, NordLB and UniCredit will price at 20bp over mid swaps, the middle of guidance.

    • 10 Jan 2011
  • Arena first RMBS out in 2011 as S&P ‘doomsday’ approaches

    Rabobank and Royal Bank of Scotland will take Delta Lloyd’s Arena 2011-1 transaction on the road this week, in what could be the first European RMBS of 2011. But investors and issuers alike are waiting nervously for the introduction of Standard & Poor’s new counterparty criteria next week, which could see more than 80% of the European RMBS market placed on CreditWatch Negative.

    • 10 Jan 2011
  • ASF seeks positives in Massachusetts judgement

    The Massachusetts Supreme Court ruled on Friday that US Bank and Wells Fargo could not foreclose on houses bought by the Ibanez and LaRace families, in a judgement that ignited fears about collateral quality across the US RMBS sector.

    • 10 Jan 2011
  • UniCredit, BNPP brave tough markets with new FRNs

    UniCredit and BNP Paribas are set to price short-dated FRNs on Monday despite a very difficult market backdrop.

    • 10 Jan 2011
  • Cat rush continues as Groupama places Green Fields

    Swiss Re Capital Markets sold a Eu75m four year cat bond covering French windstorm risk for Groupama on Friday.

    • 10 Jan 2011
  • All covered bonds

    • 10 Jan 2011
  • Primary binge continues, Santander widens

    The primary covered bond market continues to power ahead with four transactions currently being marketed. LBBW, Dexia Kommunalbank, NordLB and CM CIC are in the market with three, five, 10 and 12-year covered bonds respectively.

    • 10 Jan 2011
  • Santander blights Spanish issuance hopes

    BBVA and Santander’s respective three and five year cédulas deals are offered in the Street with no bid, making the task of other Spanish issuers looking to tap the market that much more challenging.

    • 10 Jan 2011
  • New FSA proposals could limit opportunistic capital raisings

    A consultation paper put out by the UK Financial Services Authorities at the end of last week could make opportunistic capital raisings much more difficult for banks and insurance companies.

    • 10 Jan 2011
  • Granite mezz roars but pipeline still paltry

    The secondary market for UK mezzanine RMBS has opened 2011 with a bang, with Granite mezz pieces having risen three points in two days by Thursday. But the strong secondary backdrop has failed to flush out primary deals, with no new European ABS expected this week and only vague rumours for the week ahead.

    • 07 Jan 2011
  • Defensive investors stall European senior mart

    The senior European FIG market limped into action this week, despite a hiatus of over a month with no issuance. Only five deals were executed, of which three were from Rabobank and despite the thin supply, investors were slow to buy new issues.

    • 07 Jan 2011
  • Bookrunners of all syndicated loans marketed in EMEA — 2010

    • 07 Jan 2011
  • Swiss Re cat bond adds earthquakes

    Successor X, one of Swiss Re’s catastrophe bond vehicles, sold a $170m three year cat bond on Monday, giving the insurer protection against Australian earthquakes, North American hurricanes, and Californian earthquakes.

    • 07 Jan 2011
  • CRH brings deal forward on strong demand

    Caisse de Refinancement de l’Habitat became the fifth French issuer of the new year to price a benchmark covered bond yesterday (Thursday), having originally planned to print next week according to a syndicate official at one of the leads.

    • 07 Jan 2011
  • Bookrunners of all global bonds (Global) — 2010

    • 07 Jan 2011
  • StormHarbour bulks up for 2011 with 30 senior hires

    Capital markets and advisory boutique StormHarbour has announced that in the last two months of the year it added 30 senior staff in the US and UK, and established a Tokyo office.

    • 07 Jan 2011
  • ECB concerned about Irish burden-sharing law

    The European Central Bank expressed concerns late last month about Irish legislation that, under burden-sharing arrangements, gives the country’s Ministry of Finance extensive powers over bank bondholders’ claims.

    • 07 Jan 2011
  • LatAm FIGs rekindle bond love affair

    New issues from Banco Bradesco of Brazil and Colombia’s Bancolombia have signalled the latest international funding charge by Latin American banks. Several regional peers are set to follow next week.

    • 07 Jan 2011
  • Moves in Brief, January 7, 2011

    • 07 Jan 2011
  • Frantic financials face indigestion and bail-in fears as 2011 kicks off

    A desperate race for liquidity and the threat of bail-ins may already be souring debt investors’ appetite after the bank finance market absorbed close to an unprecedented $50bn of new supply globally in the first four trading days of 2011.

    • 07 Jan 2011
  • Société Générale

    • 07 Jan 2011
  • BoE warns on risk despite better funding mix

    The Bank of England has praised UK banks for stepping up to 2010’s funding challenges, highlighting their success in using a diversified range of new markets and products. But at the same time, it also warned of continuing fears over systemic risk.

    • 07 Jan 2011
  • Afreximbank signs for six month extendable loan

    Multilateral financial institution, African Export-Import Bank (Afreximbank), has signed a $140m and Eu74.5m six month syndicated loan with a club of five banks. The facility has a six month extension option at the discretion of the lenders.

    • 07 Jan 2011
  • Rating pressure to continue as revised swap criteria hits

    As the market gears up for Standard & Poor’s revised swap criteria, which come into effect on January 17, an analyst at Deutsche Bank warned at the end of 2010 that converging rating agency requirements would keep the pressure on covered bond ratings in 2011.

    • 07 Jan 2011
  • Covered bond stampede

    The covered bond market has experienced its busiest ever week with as many as 15 deals pricing, giving a grand total of about Eu19bn over the holiday shortened week.

    • 07 Jan 2011
  • RBS gives strong performance in secondary market

    Royal Bank of Scotland launched a Eu1bn seven year transaction that leads BNP Paribas, ING, RBS and UBS priced at 125bp, the middle of guidance.

    • 07 Jan 2011
  • Bookrunners of all international bonds — 2010

    • 07 Jan 2011
  • ING, ABN Amro show way with first Dutch deals of year

    ING and ABN Amro were the first Dutch names to come to market in the new year. On Tuesday ING sold a Eu1.25bn seven year transaction, which was priced at 60bp over mid-swaps, the middle of guidance, via leads Barclays, ING, Natixis and UniCredit.

    • 07 Jan 2011
  • Pohjola Bank

    • 07 Jan 2011
  • Intesa Sanpaolo

    • 07 Jan 2011
  • Covered bond supply surges, issuance roars on

    The covered bond market leapt back into life this week with a sparkling array of deals that may set the tone for the sector in the year ahead.

    • 07 Jan 2011
  • Bonds Tables 1186

    • 07 Jan 2011
  • Nationwide prepares programme for new format

    Nationwide building society has amended its Eu45bn euro covered bond programme to allow the issuance of Namensschuldverschreibung, registered bonds issued under German law.

    • 07 Jan 2011
  • Smooth transition to 2011 for MDM’s loan

    The mandated lead arranger group on MDM’s $300m amortising one and three year loan signed documentation before market close in December while the syndication phase remained open. Bankers close to the transaction expect it to be completed without problem by the end of January.

    • 07 Jan 2011
  • CEBS releases final ‘skin in the game’ guidelines

    Lawyers and investors are digesting the final guidelines from the Committee of European Banking Supervisors on the retention requirements for originators and sponsors of securitisations — the so-called "skin in the game" issue.

    • 07 Jan 2011
  • LTSB gets it right –in the end

    Lloyds TSB today priced a Eu750m 12-year UK covered bond as much as 10bp outside initial guidance at mid swaps plus 150bp –yielding a juicy 4.875%, via joint leads Lloyds TSB, Natixis, UBS and UniCredit.

    • 07 Jan 2011
  • Euro jumbos

    • 07 Jan 2011
  • Rabobank Nederland

    • 07 Jan 2011
  • BayernLB’s Corelux launch a good sign for ABCP market

    BayernLB has set up its first asset backed commercial paper conduit since the asset class fell out of favour in the credit crisis of 2007, alongside a thawing of investor sentiment towards asset backed paper.

    • 07 Jan 2011
  • Swiss Federal Council fleshes out banks’ too big to fail rules

    New domestic regulations for Credit Suisse and UBS took another step forward in late December, as the Swiss Federal Council submitted concrete proposals to be considered by the country’s parliament in 2011.

    • 07 Jan 2011
  • Senior debt in the firing line as EU write-down consultation launched

    Writedowns of senior bank debt could become a reality at the European Union level following the release by the European Commission on Thursday evening of a consultation paper for an EU framework on how to deal with future bank failures.

    • 07 Jan 2011
  • FIG issuance comes to the fore in dollars

    Foreign financial institutions played a dominant role in the glut of new US dollar issuance this week as Yankee banks with ambitious borrowing plans for 2011 jumped at the first opportunity to tap the market.

    • 07 Jan 2011
  • Swissie enjoys a strong start to the year, but it may not last

    The Swiss franc market started the year with a Sfr3bn week, but dealers doubt totals will reach last January’s Sfr10.4bn of issuance.

    • 07 Jan 2011
  • Rabobank Nederland

    • 07 Jan 2011
  • Banks stampede into covered bonds as EC gives its blessing

    A regulatory boost over bail-ins and banks’ hunger for liquidity drove the covered bond market to new supply records this week and raised fears of pushback from the product’s limited investor base.

    • 07 Jan 2011
  • Markit Data 1186

    • 07 Jan 2011
  • UniCredit prices flat with rare two year Pfandbrief

    UniCredit sold a Eu1bn public sector Pfandbrief yesterday (Wednesday), which leads Commerzbank, Natixis, NordLB, RBS and UniCredit priced at mid-swaps flat, after going out with guidance of the 2bp over area.

    • 06 Jan 2011
  • French issuance flows as CRH and GCE join the fray

    GCE Covered Bonds has closed books on a Eu1.25b four year transaction, which leads Crédit Agricole, ING, Natixis and UniCredit priced at 60bp over mid-swaps, the middle of guidance.

    • 06 Jan 2011
  • ABN pays up as pressure on pricing continues

    ABN Amro sold a Eu1.25bn seven year transaction yesterday (Wednesday), which leads ABN, BNP Paribas, Crédit Agricole and DZ Bank priced at 70bp over mid-swaps.

    • 06 Jan 2011
  • China still the talk of the market after its 2010 breakthrough as issuers line up

    China continued to dominate discussion among DCM bankers at the start of 2011, after a breakthrough year in 2010 that included both the rise of the offshore renminbi market and the growing importance of Chinese property companies for the high-yield market.

    • 06 Jan 2011
  • CFF manages Eu1bn as French issuers out in force

    Compagnie de Financement Foncier yesterday (Wednesday) priced a Eu1bn five year obligations foncières issue at 57bp over mid-swaps, in line with guidance of the high 50s over area, via leads Commerzbank, Deutsche Bank, HSBC and Natixis.

    • 06 Jan 2011
  • DnB NorBank picks Swiss francs for second deal of the year

    After a five year Eu2bn deal this week, DnB NorBank is also now tapping the Swiss franc market. Books are open for a Sfr150m five year deal with Deutsche Bank as lead manager.

    • 06 Jan 2011
  • EC plans cast shadow over senior market

    Despite the limited amount of issuance to hit the market, the European senior financial market was already showing signs of weakness on Thursday as the imminent publication of a European Commission document on how to deal with future bank failures put pressure on the market.

    • 06 Jan 2011
  • Strong domestic bid bolsters Crédit Agricole

    Crédit Agricole yesterday (Wednesday) priced a Eu1.5bn 10-year covered bond at the tight end of initial guidance at mid swaps 73bp via leads Crédit Agricole, Deutsche Bank, ING, Natixis and Santander.

    • 06 Jan 2011
  • Yield hungry attracted to Barclays

    Barclays Bank yesterday (Wednesday) priced a Eu1bn 10-year via joint leads Barclays Capital, Commerzebank, Danske, Lloyds TSB, Natixis and Santander. Books opened at 10am on Wednesday before closing just three and a half hours later with an oversubscription of 1.3 times.

    • 06 Jan 2011
  • Santander deal hints at challenges ahead

    Santander priced what was possibly one of the more challenging deals of the week, a Eu1bn five year via leads Barclays Capital, Citgroup, Goldman Sachs, LBBW and Santander.

    • 06 Jan 2011
  • S&P bank plans could see hybrid downgrades for largest banks

    Standard & Poor’s published a proposal for reforming its bank rating methodology today, in a move that sees the agency emphasise capital retention and off-balance sheet exposures. In testing, the proposals showed downgrades of one notch for hybrids issued by roughly half of the largest banks covered in the sample.

    • 06 Jan 2011
  • EC draft may lend support to covered bid

    The iTraxx senior financials is trading wider ahead of the release of the EC’s latest draft consultation paper, which is likely to confirm suspicions that an EU wide initiative on bank bail-ins is going to be hard-coded into regulation.

    • 06 Jan 2011
  • DnB Nor prints Eu2bn with little new issue premium

    DnB Nor Boligkreditt came to market yesterday (Tuesday) with a Eu2bn five year transaction, which leads Barclays Capital, Citibank, Goldman Sachs and HSBC priced at 32bp over mid swaps, in line with guidance of the low 30s area.

    • 05 Jan 2011
  • BBVA reopens Spain

    Spain's Banco Bilbao Vizcaya Argentaria SA yesterday successfully priced the first Spanish covered bond since early November when Caja Madrid tapped the market. It was therefore “important they make sure that they did so in a preferable way,” a syndicate official at one of the leads explained.

    • 05 Jan 2011
  • Frenetic pace continues as some come off the rail

    Primary issuance continues to power ahead with five deals pricing yesterday and a further five deals expected to price this afternoon. Several more have been announced but, in a possible sign of things to come, two have been postponed and there is speculation that another is struggling.

    • 05 Jan 2011
  • BNP brings first long dated issue

    BNP Paribas home loan bank attracted over 100 accounts to participate in a Eu1.75bn 10 year issue yesterday (Tuesday), which leads BNP, Natixis, RBS and UniCredit priced at 65bp over mid swaps.

    • 05 Jan 2011
  • Senior market reopens but mood not euphoric

    The European senior FIG market reopened on Wednesday, with four deals set to price this afternoon. But although market participants welcomed the supply, they said that this week’s window would be short-lived and that the mood in the market was not euphoric.

    • 05 Jan 2011
  • ING picks pricing over issue size

    ING sold a Eu1.25bn seven year transaction yesterday (Tuesday), which priced at 60bp over mid-swaps, in line with guidance, via leads Barclays, ING, Natixis and UniCredit.

    • 05 Jan 2011
  • EC crisis management paper expected on Thursday

    A European Commission consultation paper on crisis management in the financial sector could be published on Thursday, according to a spokesperson for the EC's Economic and Monetary Affairs Committee.

    • 05 Jan 2011
  • Strong start for Raiffeisen in Swiss

    Raiffeisen self-led a domestic two tranche issue on Tuesday, an eight year Sfr250m and a 15 year Sfr150m deal, the latter being the longest ever bond for the Swiss bank after the 13 year issue last September.

    • 05 Jan 2011
  • RBC takes Mareels for financials

    RBC Capital Markets has hired Carlo Mareels as a senior financial credit analyst.

    • 04 Jan 2011
  • Rabo fires Swiss market starting gun

    UBS and ZKB priced the first Swiss franc FIG deal of the year on Monday, a Sfr200m seven year for Rabobank. The deal will help Rabo meet Sfr775m of redemptions, due February 7.

    • 04 Jan 2011
  • Senior SocGen sales role for Ganssmüller

    Christian Ganssmüller has been appointed managing director and head of institutional sales for fixed income, currencies and cross asset solutions in Germany and Austria.

    • 04 Jan 2011
  • Euro-dollar Financial Institutions 2010

    • 04 Jan 2011
  • Poor start to 2011 for European senior, but US and covered pick up the slack

    The senior bond market has started 2011 with a whimper. No new mandates are so far on the screens in Europe. However, bankers expect the US market to be busy and for senior volumes to pick up in Europe next week.

    • 04 Jan 2011
  • Supply surges as seven deals go live

    After a very quiet December, market participants are not surprised to see a strong start to the primary market in the New Year, with one deal already priced and as many as seven others on the way.

    • 04 Jan 2011
  • MüHyp beats the rush as issuance resumes

    Germany’s Münchener Hypothekenbank reopened the covered bond market on Monday, pricing a Eu1bn five year mortgage backed Pfandbrief at 10bp over mid swaps, the tight end of guidance, via leads Barclays, DZ Bank, LBBW, UniCredit and WGZ Bank.

    • 04 Jan 2011
  • Piraeus slips in thin trading after revealing rights terms

    Piraeus Bank shares slumped on Tuesday after the Greek lender revealed the terms of a Eu807m rights issue. But, with minimal trading volume, syndicate bankers were unconcerned.

    • 04 Jan 2011
  • Deutsche flags counterparty fears for 2011

    As the market gears up for Standard & Poor’s revised swap criteria, which comes into effect from January 17, an analyst at Deutsche Bank warned that converging rating agency requirements will keep covered bond ratings under pressure this year.

    • 04 Jan 2011
  • Swiss Re cat bond adds Aussie earthquake protection

    Successor X, one of Swiss Re’s catastrophe bond vehicles, sold a $170m three year cat bond on Monday, giving the insurer protection against Australian earthquakes, North American hurricanes, and Californian earthquakes.

    • 04 Jan 2011
  • BBVA loses syndicate banker

    BBVA has lost one of the members of its Madrid syndicate team.

    • 04 Jan 2011

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 10,226.87 87 5.98%
2 HSBC 9,924.14 51 5.80%
3 LBBW 8,393.04 48 4.91%
4 Natixis 7,217.47 36 4.22%
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 52,563.97 240 5.87%
2 Citi 52,120.64 279 5.82%
3 JPMorgan 51,592.41 265 5.76%
4 Morgan Stanley 37,731.07 213 4.21%
5 HSBC 35,834.12 222 4.00%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 42,999.30 198 11.21%
2 JPMorgan 41,206.47 202 10.74%
3 Citi 40,920.97 214 10.67%
4 Morgan Stanley 27,539.54 145 7.18%
5 Goldman Sachs 27,200.66 258 7.09%

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 14.50%
2 UBS 4,233.38 20 9.95%
3 BNP Paribas 3,846.71 16 9.04%
4 Credit Agricole CIB 3,549.81 11 8.34%
5 HSBC 2,155.16 15 5.06%