• Harsh burden sharing fears set to ease if SNS Bank finds private recap

    A tough liability management exercise on SNS Bank subordinated paper would be less likely if the bank finds a private sector source for a recapitalisation, investors have said.

    • 31 Jan 2013
  • Fund manager Q&A: Investors struggle to change mandates

    A Frankfurt-based asset manager, with more than €20bn in covered bonds under management, spoke to The Cover, on condition of anonymity, on Thursday about the good environment for higher yielding debt, the prospect of German insurers’ absolute return targets being lowered soon and the changing nature of investment mandates, which will favour innovative secured products such as the SME structure being pioneered by Commerzbank.

    • 31 Jan 2013
  • Investors favour Swiss triple trancher

    Pfandbriefbank der Schweizerischen Hypothekarinstitute (PSHypo) priced a three tranche Swiss franc transaction on Thursday morning. It launched a new five year line, along with re-openings of 10 and 16 year bonds. Unusually for a Pfandbriefbank trade, investors focused on the shortest of the three tranches.

    • 31 Jan 2013
  • Hana Bank finds size and spread at dollar short-end

    Hana Bank tapped the short end of the dollar market on Tuesday, pricing a deal that matched the tightest spread on a commercial bank deal from South Korea — but which still offered enough to ensure a $500m issue.

    • 31 Jan 2013
  • Deutsche’s record year for DCM overshadowed by first quarterly loss since 2008 for IB

    With its investment bank sinking into a quarterly loss for the first time since the last quarter of 2008 the last three months of 2012 were not a pleasant time for Deutsche Bank. The German bank’s numbers were dragged down by impairments as well as a compensation bill that increased in spite of the front office workforce falling by 1,000.

    • 31 Jan 2013
  • Regulatory discretion drives RWA variations, says Basel

    A quarter of variations to risk weights in large banks’ trading books come from undisclosed supervisory discretion, according to the Basel Committee on Banking Supervision.

    • 31 Jan 2013
  • Spanish mortgage reform fear for Cédulas investors

    Changes to Spanish mortgage law could hit holders of Cédulas as more households will become eligible for mortgage renegotiations through debt-for-asset swaps, and over-collateralisation could fall as mortgages are cancelled. The Ministry of Economy outlined the changes on Wednesday.

    • 31 Jan 2013
  • Akbank opens Eurolira market for Turkish FIs

    Akbank priced the first ever Eurolira deal from a Turkish entity on Wednesday, a TL1bn ($566m) five year 2018 note that was priced at par to yield 7.5%, from an orderbook of around $2.9bn.

    • 31 Jan 2013
  • Woori prices ¥30bn Samurai as peers wait in the wings

    Woori Bank turned to the Samurai bond market on Wednesday, selling a ¥30bn ($330.8m) deal split between two and three year tranches.

    • 31 Jan 2013
  • Woori prices ¥30bn Samurai, peers wait in the wings

    Woori Bank turned to the Samurai bond market on Wednesday, selling a ¥30bn ($330.8m) deal split between two and three year tranches.

    • 31 Jan 2013
  • RAB makes it three in euroroubles

    Russian Agricultural Bank (RAB) became the third financial borrower of the year to tap the eurorouble market on Tuesday, raising Rb10bn ($333m) of five year funding.

    • 30 Jan 2013
  • Public-sector CBs riskier than mortgage-backed, says Moody’s

    Average cover pool losses from public-sector covered bonds are higher than those of mortgage programmes for the first time since Moody’s first published its quarterly monitoring overview in 2009, the rating agency said in the latest of the series. The data also shows a quarter of all programmes still face a downgrade if their issuer was downgraded by just one notch.

    • 30 Jan 2013
  • African Bank announces Reg S roadshow

    African Bank will begin meeting investors on Sunday ahead of a potential dollar market return, bookrunners announced on Wednesday.

    • 30 Jan 2013
  • Halkbank defies volatility with tight seven year return

    Halkbank returned to the dollar market on Tuesday for a tightly priced seven year that came inside the Turkish lender’s existing curve.

    • 30 Jan 2013
  • Life after DexMA — CFFL ready for work

    The new French covered bond municipal financing agency, Caisse Française de Financement Local, will begin operations on Thursday (January 31). Its first benchmark issue could be seen as early as the third quarter. Bankers believe the newly issued bonds should trade in line with the tightest French covered bonds.

    • 30 Jan 2013
  • Goldman returns with bumper ICBC block

    Goldman Sachs returned with a block sale in Industrial and Commercial Bank of China for the fifth time in as many years this week, closing a $1bn block after lining up enough investors to ensure that half of the deal was already covered when it launched.

    • 30 Jan 2013
  • Asset managers get taste for periphery CB

    Asset managers have been buying into covered bond deals in greater quantities this month, according to data from The Cover. Their bid has been particularly strong in issues from peripheral Europe, and has come at the expense of central bank participation, which has halved.

    • 30 Jan 2013
  • FIG issuance up year on year despite month-end lull

    Banks have raised 20% more senior unsecured debt in euros in the public markets in January than they did in the first month of last year. And despite the pace of issuance slowing this week, EuroWeek Bank Finance data shows that a wider range of banks sold senior unsecured debt this month than in the same period in 2012.

    • 30 Jan 2013
  • Akbank tightens first ever Eurolira, books three times covered

    Akbank has tightened price guidance on the first ever Eurolira note, to a yield of 7.55% area. The note will have a size of TL1bn ($566m) and a five year maturity. Books were three times subscribed before the revision of price guidance and went subject at 11am.

    • 30 Jan 2013
  • Abu Dhabi Commercial Bank eyes bond, picks leads

    Abu Dhabi Commercial Bank (ADCB) is looking to return to the international bond market and has picked arrangers for the sale.

    • 29 Jan 2013
  • Alfa lines seven up for loan

    Russia’s largest private financial institution Alfa Bank is closing in on a club deal for around $280m. Seven banks have been asked to provide $40m each.

    • 29 Jan 2013
  • Berlin Hyp makes hard work of jumbo

    Berlin Hypothekenbank (BHH) struggled to sell a €1bn mortgage Pfandbrief at its target spread after opening books at the wide end of initial price thoughts, at 1bp through mid-swaps, on Monday. The tight level surprised bankers, due to the recent decreasing bid for core names offering slim yields and even slimmer premiums.

    • 29 Jan 2013
  • Halkbank adds to Turkish FI supply with dollar bond

    Halkbank has released price guidance of 270bp over mid-swaps for a benchmark seven year dollar deal. Commerzbank, JP Morgan and Standard Chartered Bank are arranging the note.

    • 29 Jan 2013
  • UniCredit launches €950m Pekao sale

    UniCredit on Tuesday evening launched a €950m sale of part of its stake in Bank Pekao, its Polish subsidiary. It is selling up to 23.9m shares, 9.1% of the company, worth Z3.98bn through an accelerated bookbuild but will retain majority control.

    • 29 Jan 2013
  • Bad news for eurozone banks

    US investors are threatening to leave money market funds if regulators impose a floating net asset value on the industry, which would damage an important source of dollar funding for eurozone banks. US regulators should be wary of the potential consequences of their actions.

    • 29 Jan 2013
  • Hofmann becomes EBIC chairman

    The European Banking Industry Committee has appointed Gerhard Hofmann as chairman for the coming year. Hofmann is vice president of the European Association of Cooperative Banks, and board member of Bundesverband der Deutschen Volksbanken und Raiffeisenbanken.

    • 29 Jan 2013
  • South Korea set for covered bonds in 2013

    South Korea could have its covered bond law in place by September, after its National Assembly puts it to the vote next month. The country’s cabinet has approved the draft covered bond bill for a February vote. Enactment could follow within six months.

    • 29 Jan 2013
  • BPCE, JP Morgan widen as benchmarks pause, UniCredit taps fives

    UniCredit added €250m to a five year bond on Tuesday, the day’s only primary activity in the European senior unsecured market amid poor conditions. Bonds sold by BPCE and JP Morgan on Monday traded wider in the secondary market, and banks paused senior unsecured benchmark issuance to reconsider the pricing needed.

    • 29 Jan 2013
  • SNS Bank poised for discounted sub debt LME as capital hunt continues

    Dutch lender SNS Bank could launch a liability management exercise on subordinated debt to reduce the size of an expected government capital injection, analysts say.

    • 28 Jan 2013
  • VTB prints third ECP clip of 2013

    VTB Bank added another $41.5m to its outstanding euro commercial paper on January 25, contributing to an already busy year for the issuer in the short term debt markets.

    • 28 Jan 2013
  • JP Morgan joins US trio in euros with 10 year

    JP Morgan was in the euro market with a 10 year bond issue on Monday, following heavy demand for a €1bn deal in the same tenor by Goldman Sachs on Friday. Both deals offered attractive premiums to the banks’ euro curves and came as the euro-dollar basis swap swung in favour of US borrowers.

    • 28 Jan 2013
  • SNS weaker despite strong cover pool

    SNS Bank’s covered bonds are under selling pressure, due to increasing concern about its overall financial health. Covered bond investors are likely to remain at risk of further mark to mark losses but the risk of a payment disruption is highly remote.

    • 28 Jan 2013
  • French banks regain top spot among US money funds

    French banks regained their position as the top European investment choice for US prime money market funds during December, despite the investors cutting holdings of eurozone bank debt overall.

    • 28 Jan 2013
  • Germans bide their time

    Berlin Hypothekenbank has mandated banks for a jumbo five year Pfandbrief and at least one other German name is circling the market. However, bankers told The Cover that issuers will wait for the market to shake off its fatigue before further deals emerge.

    • 28 Jan 2013
  • CBM grabs $2.5bn book as investors clamour for risk

    Credit Bank of Moscow’s $500m 7.7% five year senior unsecured bond was printed from a book of $2.5bn on Friday, providing another illustration of the investor appetite that exists for new, high yielding opportunities.

    • 28 Jan 2013
  • MUSI takes Hartwell from Standard Bank to fill CEO role

    Mitsubishi UFJ Securities International (MUSI), the London-based operation of the Japanese bank, has filled the vacancy left by the promotion in March 2012 of CEO Cliff de Souza to the New York-based position of principal executive officer, running all of the bank’s international business.

    • 25 Jan 2013
  • UniCredit Bank Austria

    • 25 Jan 2013
  • Market hopes peripherals hold LTRO cash as banks pay back €137.2bn

    FIG market participants are hoping that the €137.2bn of three year LTRO funding due to be repaid by 278 banks at the first opportunity next week has come mostly from strong, core European banks, rather than weaker peripheral names. The ECB has not specified which lenders are returning their funds, but the larger than expected number is being seen as positive for the region’s financial sector.

    • 25 Jan 2013
  • Bookrunners of Asia Pacific bonds in $, € and ¥ — last 12 months rolling

    • 25 Jan 2013
  • KBC and Belfius down to ‘insane’ spreads

    KBC Bank and Belfius Bank achieved incredible results this week in terms of their spread levels, which now rival not just the best French covered bond names, but the French and Belgian governments as well.

    • 25 Jan 2013
  • Veneto Banca

    • 25 Jan 2013
  • KBC Bank

    • 25 Jan 2013
  • SLM and PNC lead dollar flurry

    PNC Bank and Sallie Mae grabbed the opportunity to tap the dollar market after last week’s glut of trades from Wall Street heavyweights.

    • 25 Jan 2013
  • Spain triggers Mare Nostrum PIPO to equity in recap bid

    The Bank of Spain has triggered the switch of a Banco Mare Nostrum pre-IPO convertible bond into equity as part of a recapitalisation and restructuring plan that also encompasses a subordinated debt liability management exercise. While the move surprised some market participants, most said it was unlikely that central banks outside Spain would employ such measures.

    • 25 Jan 2013
  • EMTN opportunities open for Italian, Spanish banks within the month

    Small Spanish and Italian banks could follow in the footsteps of their larger peers and sell MTNs in the next few weeks, dealers said, although not everyone was bullish about their prospects.

    • 25 Jan 2013
  • Bookrunners of all global bonds (Asia Pacific) — 2013 (January 23, 2013)

    • 25 Jan 2013
  • Commonwealth Bank of Australia

    • 25 Jan 2013
  • Goldman returns to euros with rare 10 year

    Goldman Sachs returned to the euro senior unsecured market on Friday after an absence of more than 18 months, printing a €1bn bond with a rare 10 year tenor.

    • 25 Jan 2013
  • Czech Export looks to euro and dollar EMTNs to avoid swaps

    Czech Export Bank is planning to issue €750m of bonds from its €3.5bn EMTN programme this year. The maximum size of each issue is €250m because of the bank’s internal limits, and it does around six a year from this programme. It is planning that number again this year.

    • 25 Jan 2013
  • Citigroup

    • 25 Jan 2013
  • Conditions good despite mixed deal performance

    This week’s primary deals have posted a mixed performance, but with the market backdrop still supportive, there is a lot of confidence that spreads will stabilise for the less well placed deals that were seen this week.

    • 25 Jan 2013
  • People Moves in Brief, January 25, 2013

    • 25 Jan 2013
  • EBA seeks recovery plans from cross-border banks

    The European Banking Authority has called for cross-border European banks to draw up group recovery plans by the end of the year, bridging the gap until the Recovery and Resolution Directive (RRD) is implemented.

    • 25 Jan 2013
  • AIB and Kuxta show periphery how it’s done

    Four peripheral issuers brought covered benchmarks over the last week, but with very different outcomes. While AIB Mortgage Bank and Kuxtabank got excellent receptions, Santander and Bankinter set their own terms and left investors licking their wounds.

    • 25 Jan 2013
  • AIB and Kuxta show periphery how it’s done

    Four peripheral issuers brought covered benchmarks over the last week, but with very different outcomes. While AIB Mortgage Bank and Kuxtabank got excellent receptions, Santander and Bankinter set their own terms and left investors licking their wounds.

    • 25 Jan 2013
  • Swiss francs provide safe harbour to FIG issuers

    FIG issuance took the lead in Swiss francs this week, with senior unsecured deals from NIBC, ANZ New Zealand and Goldman Sachs. While NIBC paid up to regain access to a market it was barred from in 2012, ANZ NZ and Goldman Sachs seized opportunities for tight pricing.

    • 25 Jan 2013
  • Bonds Tables 1289

    • 25 Jan 2013
  • Banco do Brasil comes back for another slug of landmark hybrid, cheaper this time

    In a repeat performance of last year’s groundbreaking hybrid, Banco do Brasil late on Thursday printed $2bn of perpetual tier one bonds to yield 6.25% in what bankers said was an opportunistic trade to prepare the Brazilian lender for Basel III.

    • 25 Jan 2013
  • Bookrunners of all international bonds — 2013 (January 23, 2013)

    • 25 Jan 2013
  • Citi returns to euros as basis, curve improve

    Having raised $1.75bn of funding in its home market already this year, Citigroup sold benchmarks in euros and Australian dollars for the first time since 2010 this week. The deals may not be the bank’s last outside the US this year — it would like to become a more regular borrower in euros, Eric Aboaf, its treasurer, told EuroWeek.

    • 25 Jan 2013
  • Markit Data 1289

    • 25 Jan 2013
  • European FIG bonds - January 25

    • 25 Jan 2013
  • Life left in Asian Reg S market, say bankers

    Distribution statistics on recent dollar denominated Reg S hybrid issues are showing a lower participation of Asian investors for subordinated bank debt deals than in the past. But bankers say investors will continue to be enticed by the right names, despite plummeting yields.

    • 25 Jan 2013
  • Bookrunners of Asia Pacific (ex-Japan) bonds in $, € and ¥ — last 12 months rolling

    • 25 Jan 2013
  • KBC and Belfius down to ‘insane’ spreads

    KBC Bank and Belfius Bank achieved incredible results this week in terms of their spread levels, which now rival not just the best French covered bond names, but the French and Belgian governments as well

    • 25 Jan 2013
  • Banco Popolare Societa Cooperativa

    • 25 Jan 2013
  • Bankinter sale raises €115m for Crédit Agricole

    Crédit Agricole raised €115.7m through a sale of shares in Bankinter, the Spanish lender, through an accelerated bookbuild that was mandated through an auction on Thursday evening.

    • 25 Jan 2013
  • CFF hits hungry market and keeps repo eligibility

    Compagnie de Financement Foncier supplied the covered bond market with rare French issuance when, on Thursday, it increased its 2.375% November 2022 by €750m to €1.75bn through joint leads Barclays, BNP Paribas, JP Morgan, Natixis and RBS.

    • 25 Jan 2013
  • Former Nomura UK IB head switches to HSBC

    The former head of UK investment banking at Nomura is joining HSBC in a senior role, writes David Rothnie.

    • 25 Jan 2013
  • Spanish January highlights hunt for yield

    Cédulas have dominated covered bond issuance so far in 2013, aided by a remarkable rally that has seen nine deals printed this week. However, oversubscription rates have dwindled this week, and both core and periphery issuers may need to increase what they offer investors to get their attention in a crowded market.

    • 25 Jan 2013
  • Shinhan settles for smaller bond after punchy pricing

    Shinhan Bank launched a $350m 5.5 year deal flat to its curve on Tuesday, settling for a smaller deal than it had hoped but managing, in exchange, to hit its aggressive price target.

    • 25 Jan 2013
  • Kiwi dollar deal the latest in ABN’s niche binge

    ABN Amro sold its Kiwi dollar debut on Thursday as it ramps up its niche currency issuance, diversifying its funding base into investors looking for high yielding deals, a senior funding manager at the Dutch bank told EuroWeek Bank Finance.

    • 25 Jan 2013
  • Kingboard has fine reaction to planned HK$4bn loan

    Bankers working on a HK$4bn four year loan for Kingboard Chemical Holdings took the deal into general syndication this week and are confident that heavy demand will lead to a greenshoe option.

    • 25 Jan 2013
  • Periphery juice diverts attention from core CB names

    Excellent funding conditions drew more covered bond issuers from core Europe to the market this week, with impressive deals done at aggressive spread levels. But bankers cautioned that new issue premiums may have to rise with juicy spreads from peripheral Europe drawing investors’ gaze.

    • 25 Jan 2013
  • Dividing lines show in senior as investors chase performance

    Fault lines began to show in the senior unsecured market this week as investors flocked to bond issues with glittering coupons from trickier borrowers, leaving much smaller subscription levels for deals from national champion names.

    • 25 Jan 2013
  • ANZ issues first in sterling covered with short FRN

    ANZ Bank this week priced its first short dated sterling floating rate covered bond in what was also the first such deal since last May.

    • 25 Jan 2013
  • Intesa Sanpaolo SpA

    • 25 Jan 2013
  • Credit crutch

    Figures are expected today (Friday) to show how much three year cash from the ECB’s longer term refinancing operation European banks are paying back at the first opportunity. The market will be gunning for a large number, and with good reason.

    • 25 Jan 2013
  • BRFkredit taps euros for boost to collateral

    DANISH mortgage lender BRFkredit issued its first euro denominated benchmark this week. But the €500m five year note was not a funding exercise, the group treasurer told EuroWeek.

    • 25 Jan 2013
  • BRFkredit

    • 25 Jan 2013
  • Banque Fédérative du Crédit Mutuel

    • 25 Jan 2013
  • Periphery juice diverts attention from core CB names

    Excellent funding conditions drew more covered bond issuers from core Europe to the market this week, with impressive deals done at aggressive spread levels. But bankers cautioned that new issue premiums may have to rise with juicy spreads from peripheral Europe drawing investors’ gaze.

    • 25 Jan 2013
  • Global FIG bonds - January 25

    • 25 Jan 2013
  • Sberbank makes splash in Euroroubles with Rb25bn bond, largest for two years

    Sberbank priced a Rb25bn ($832m) three year bond late on Thursday, the borrower’s first ever rouble-denominated bond and the largest Eurorouble deal issued by a financial institution for two years. The book for the bond was over Rb35bn.

    • 25 Jan 2013
  • Akbank aims for first-ever Eurolira note with roadshow

    Akbank is starting a roadshow for the first-ever Eurolira note. The bank has regulatory approval to issue up to $1bn-equivalent, but the size of the note is likely to be much smaller than that, according to an origination official on the deal.

    • 25 Jan 2013
  • Tannenbaum branches out into DCM

    Bank of America Merrill Lynch’s Jeff Tannenbaum has been given responsibility for European FIG debt capital markets coverage, alongside his responsibility running the bank’s syndicate desk.

    • 24 Jan 2013
  • Done and dusted: Pertamina allocations

    Indonesian power company Pertamina has completed the final allocation stage of its $965m five year loan.

    • 24 Jan 2013
  • MTN investors seek more periphery credit

    Some of the biggest banks in Spain and Italy have issued large, short-dated MTNs in recent days and bankers hope that they will lead to deals from smaller institutions in the periphery.

    • 24 Jan 2013
  • CBA gets strong demand for tender

    Commonwealth Bank of Australia bought back A$3.8bn ($4bn) of government-guaranteed bonds this week, after convincing around 75% of investors to participate in the exercise.

    • 24 Jan 2013
  • Banks keep debuts coming as BRFkredit sells benchmark

    Danish mortgage lender BRFkredit launched a senior unsecured debut on Thursday, a €500m no-grow deal that drew €900m of orders, a day after UniCredit Bank Austria sold its own quasi-inaugural transaction.

    • 24 Jan 2013
  • ANZ to issue first sterling benchmark

    ANZ looks set to price the first sterling FRN since last May and its first ever covered bond in that currency. It has returned to the covered bond market for the first time this year to take advantage of swelling demand in sterling.

    • 24 Jan 2013
  • Four deals boost primary momentum

    The primary market picked up momentum on Thursday with three benchmark deals and one benchmark sized tap being syndicated. ANZ, Bankinter, KBC and Compagnie de Financement Foncier (CFF) unearthed a over €3bn of demand.

    • 24 Jan 2013
  • Fidelity keeps Nigerian FI train rolling

    Fidelity Bank has become the latest Nigerian financial institution to open talks with international lenders for a new loan.

    • 24 Jan 2013
  • Moody’s highlights hidden challenges behind FIG bullishness

    Bank credit ratings are unlikely to suffer this year as much as they did in 2012, but economic uncertainty, central bank support mechanisms and new regulation will continue to put lenders’ creditworthiness under pressure, said Moody’s on Thursday.

    • 24 Jan 2013
  • KBC chases Belfius out to 10 years

    KBC Bank was on Thursday morning set to price its second-ever covered bond, following Belfius Bank out to the 10 year maturity but with a larger €750m deal that priced just inside its Belgian rival.

    • 24 Jan 2013
  • Shinhan settles for smaller bond after punchy pricing

    Shinhan Bank launched a $350m 5.5 year deal flat to its curve on Tuesday, settling for a smaller deal that it had hoped — but managing, in exchange, to hit its aggressive price target.

    • 24 Jan 2013
  • Colombia sells $1bn as sovereigns revel in LatAm demand

    There have been three Latin American sovereign issues so far in 2013, and in all the issuers have claimed records have been broken.

    • 24 Jan 2013
  • Pbb comes home to Pfandbriefe after senior stint

    Deutsche Pfandbriefbank (Pbb) was back in more familiar territory on Wednesday as it launched its first Pfandbrief of 2013, having been busy setting up a new senior unsecured curve in recent months.

    • 23 Jan 2013
  • Bumper books continue as Davivienda raises $500m

    Colombia’s third largest bank, Davivienda, made its second outing in the international capital markets on Tuesday, pricing $500m of senior unsecured five year notes late in the day via Credit Suisse and JP Morgan.

    • 23 Jan 2013
  • Goldman follows up with second Swissie

    Goldman Sachs printed its second ever syndicated trade in Swiss francs on Wednesday, slightly extending its curve in the currency. The speed of the bookbuild took the leads by surprise and saw the deal reaching the capped size within an hour.

    • 23 Jan 2013
  • CFF tap fuels ECB eligibility debate

    Compagnie de Financement Foncier (CFF) has mandated leads for an increase of its November 2022 issue. Its decision to tap may reflect concerns that newly issued benchmarks may not be eligible for repo with the European Central Bank (ECB).

    • 23 Jan 2013
  • Cameron EU referendum call raises hackles ahead of Lords debate

    UK Prime Minister David Cameron’s pledge to hold a referendum on the country’s membership of the European Union by 2017 — made in a speech he gave on Wednesday — has raised concerns among members of the House of Lords. They fear it could derail the City of London’s dominance as a global financial hub, especially as the bloc moves towards a banking union.

    • 23 Jan 2013
  • EBA requests fast-tracking recovery and resolution plans for cross border banks

    The European Banking Authority has called for cross-border European banks to draw up group recovery plans by the end of the year, bridging the gap until the Recovery and Resolution Directive (RRD) is implemented.

    • 23 Jan 2013
  • Akbank aims for Eurolira first

    Akbank is starting a roadshow for the first ever Eurolira note. The bank has regulatory approval to issue up to $1bn-equivalent, but the size of the note is likely to be much smaller than that, according to an origination official on the deal.

    • 23 Jan 2013
  • Bhattal is back: veteran banker joins Lazard as advisor

    Lazard has appointed Jasjit ‘Jesse’ Bhattal, the former head of Nomura’s wholesale business, as a senior advisor, just the latest high-profile hire from a firm that has shown its willingness to pay up to bring in big names.

    • 23 Jan 2013
  • It's the credit, stupid

    Market conditions are strong and it seems that almost any FIG issuer can do a deal. But that doesn't mean they can take liberties. Investors can be forgetful, but more often they remember when they have been taken for granted.

    • 23 Jan 2013
  • Investors welcome Bank Austria debut

    A strong response to a new issue from UniCredit Bank Austria on Wednesday highlighted the demand for bonds boasting attractive yields. Italy’s Veneto Banca was also in the market on Wednesday, following a granular regional print by national champion Intesa Sanpaolo on Tuesday.

    • 23 Jan 2013
  • CBA, Citi crunch in tight to secondaries

    Commonwealth Bank of Australia moved pricing in close to its secondary curve for a new six year bond issue on Wednesday morning, following a strategy used by Citigroup on Tuesday.

    • 23 Jan 2013
  • Terra BoligKreditt goes long

    Terra BoligKreditt became the second Norwegian issuer to supply the market this year and the fifth overall to come with a 10 year or longer maturity. The long maturity, despite being more expensive than a five year, will build its curve and should attract new investors.

    • 23 Jan 2013
  • Play that Tune: top of IPO price range set

    Malaysia’s Tune Insurance has told investors it will price its IPO at as much as M$1.55 per share, but the leads are still in discussions with the company about where to set the bottom of the price range.

    • 22 Jan 2013
  • AIB plays it safe with more short funding

    AIB Mortgage Bank and Deutsche Genossenschafts-Hypothekenbank followed Santander and Belfius on Tuesday with €500m trades that were both easily absorbed. AIB was able to fund itself much more cheaply than its previous deal but bankers felt it could have easily issued a longer maturity.

    • 22 Jan 2013
  • Floating rate format pays off for Intesa, as Popolare three year races tighter

    Intesa Sanpaolo was set to sell a tightly priced 2.5 year floating rate note on Tuesday, as Banco Popolare’s fixed rate three year rushed tighter after being priced on Monday. Citigroup also tapped the euro market on Tuesday, returning after a two year absence to add a 2018 point to its curve in a self-led deal.

    • 22 Jan 2013
  • DG Hyp returns with skinny seven year

    Deutsche Genossenschafts-Hypothekenbank was in the Pfandbrief market for the first time in more than six years on Tuesday, selling a €500m seven year that followed other German deals this month in hugging the mid-swaps level.

    • 22 Jan 2013
  • Rabobank issues first Dutch RMBS of 2013

    Rabobank’s subsidiary, Obvion, looks set to price the first Dutch syndicated RMBS of the year at the tightest levels since the crisis. Despite that, the headline spread will be nearly ten times wider than where a putative covered bond deal would price.

    • 22 Jan 2013
  • Sberbank brings Beller to equity derivatives

    Sberbank CIB has appointed Bill Beller as head of equity options trading. He joins from UniCredit, where he was head of EEMEA equity derivatives flow trading.

    • 22 Jan 2013
  • ANZ NZ steps back into Swiss senior

    ANZ New Zealand launched the first Swiss franc trade of 2013 from a New Zealand issuer on Tuesday, with what is also the borrower's first senior unsecured offering in the currency in two years.

    • 22 Jan 2013
  • VTB returns to dim sum with tap

    VTB Capital returned to the offshore renminbi bond market last week, doubling the size of an outstanding Rmb1bn ($159m) October 2015 deal with a well-received tap. The deal came after a sluggish start to the year, but debt bankers are eagerly pitching for new transactions and a more supportive cross-currency swap should help speed supply.

    • 22 Jan 2013
  • VTB won’t syndicate loan, says Moos

    Russian financial institution VTB does not plan to launch its three year deal into general syndication, though it will keep the option open, deputy president and chairman of the management board Herbert Moos told EuroWeek on Tuesday.

    • 22 Jan 2013
  • BIL spends €187m on reg capital boost

    Banque Internationale à Luxembourg chose to accept around 55% of all the notes offered by investors for purchase in its tender offer for subordinated debt, which expired on January 18.

    • 22 Jan 2013
  • Don’t write off Asian dollar demand just yet, say bankers

    Distribution statistics on recent dollar denominated Reg S hybrid issues are showing a lower participation of Asian investors for subordinated bank debt deals than in the past. But bankers are reluctant to call time on the market, saying investors will continue to be enticed by the right names, despite plummeting yields.

    • 22 Jan 2013
  • Sustained squeeze on the way

    Covered bond investors hope to increase holdings this year, even with supply expected to shrink, according to Fitch. However investors said they would decrease Cédulas holdings, despite this sector being the most vibrant so far in 2013.

    • 21 Jan 2013
  • Belfius tests sub sovereign appetite

    Belgium's Belfius Bank took advantage of a strong market on Monday to launch its second ever deal. Even though the transaction looks set to be priced through both Belgian and French government bonds, there was little price sensitivity in the book.

    • 21 Jan 2013
  • Credit Europe Bank sub debt trades up, sets good tone for CEEMEA primary

    Credit Europe Bank’s $400m 8% 10 year non-call five lower tier two notes are trading at 102-103 today, helping to buoy investor appetite for new issues this week. The notes — the last to be placed from the CEEMEA region last week — were priced at par last Thursday.

    • 21 Jan 2013
  • Santander goes for size with largest deal of the year

    Banco Santander’s first covered bond for nearly a year, a €2bn five year, surprised the market by hitting the middle part of the curve on Monday. The spread did not change from initial price thoughts to final terms, which showed the plan had been to take a large chunk out of the market, bankers told The Cover.

    • 21 Jan 2013
  • Spain triggers Mare Nostrum convertible on capital deficit

    The Bank of Spain has triggered the switch of a Banco Mare Nostrum convertible bond into equity as part of a recapitalisation and restructuring plan that also encompasses a subordinated debt liability management exercise.

    • 21 Jan 2013
  • NIBC’s patience set to pay off with Swiss deal

    NIBC is set to make its return to the Swiss franc market after a nine year absence with a short four year bond. The deal comes after the Dutch lender stepped back from a new issue in the currency last year.

    • 21 Jan 2013
  • DG Hyp adds to busy Tuesday

    Deutsche Genossenschafts-Hypothekenbank has hired banks for a mortgage Pfandbrief, which is pencilled in for Tuesday. It may have company from Commerzbank, which The Cover understands is also eyeing Tuesday for Europe’s first ever SME structured covered bond.

    • 21 Jan 2013
  • VTB kicks off 2013 ECP funding

    VTB Bank sold its first euro commercial paper clip of 2013 late last week as the growing volume of issuance of the instrument from Russian credits showed no signs of abating.

    • 21 Jan 2013
  • Vienna flags deleveraging fear in eastern Europe

    The Vienna 2.0 initiative, a European Commission-led scheme that is intended to avoid chaotic deleveraging in CEE, has issued a new report to European authorities in which it highlights countries in central, eastern and south eastern Europe (CESEE) as the most vulnerable to a withdrawal of lending.

    • 21 Jan 2013
  • Popolare return highlights senior rehabilitation

    Italy’s Banco Popolare underscored the sharp revival in sentiment in the senior unsecured market on Monday as it built a €5bn order book for a new bond issue, just three months after pulling a deal.

    • 21 Jan 2013
  • Goldman and JPM take $12bn in dollar flood

    Goldman Sachs and JP Morgan took home a combined $12bn as they roared out of earnings blackout to meet insatiable demand for financial paper from investors.

    • 18 Jan 2013
  • Melco puts finishing touches on jumbo

    Bankers working on the $1.4bn loan for Melco Crown Entertainment have wrapped up the final stages of syndication, lining up commitments of $620m from 16 banks and ensuring that the leads will now look to sell down part of their holdings.

    • 18 Jan 2013
  • Credito Valtellinese

    • 18 Jan 2013
  • Bookrunners of all global bonds (EMEA) — 2013 (January 16, 2013)

    • 18 Jan 2013
  • Kutxabank joins Spanish fiesta

    The Spanish party continued on Friday when Kutxabank opened books for the fifth Spanish covered bond of the year. Demand for the no-grow €750m four year Cédulas trade was exceptionally strong, paying testimony to the high level of Cédulas redemptions as well as a renewed appetite for risk. But alongside those factors, the bank and its collateral pool are fundamentally sound. Belfius Bank has mandated joint leads for a 10 year.

    • 18 Jan 2013
  • DNB leads the way for much depleted core

    Just three transactions were priced from Europe’s core regions this week. But by this time last year 22 benchmark issuers had raised nearly €30bn between them and not a single one was from the periphery.

    • 18 Jan 2013
  • UniCredit set for regular Asia visits after first trip to Singapore

    Having launched its first Asian targeted bond in Singapore on Wednesday, UniCredit hopes to be a regular borrower in the region, its new head of strategic funding has told EuroWeek.

    • 18 Jan 2013
  • Banco Santander

    • 18 Jan 2013
  • StanChart long and simple in sterling, dollars

    Emerging markets lender Standard Chartered doubled up on long dated issuance this week, printing a 25 year sterling senior unsecured bond the same day as it re-opened a 30 year dollar denominated tier two note.

    • 18 Jan 2013
  • Société Générale

    • 18 Jan 2013
  • Bookrunners of Asia Pacific (ex-Japan) bonds in $, € and ¥ — last 12 months rolling

    • 18 Jan 2013
  • Markit Data 1288

    • 18 Jan 2013
  • UK proposes ‘sophisticated’ plans for capital buffers

    Plans by the UK’s Financial Policy Committee to set specific capital requirements against certain exposures have been hailed as a "sophisticated" move.

    • 18 Jan 2013
  • GVK loan nears completion as two banks consider deal

    Bankers are close to finishing syndication for GVK Coal’s $1bn 10 year loan, but they still hope to get commitments from at least two banks before wrapping up the deal.

    • 18 Jan 2013
  • Sparebank 1 SR

    • 18 Jan 2013
  • EFG refills its coffers with Swiss franc tier two

    EFG International came to market on Wednesday with a Swiss franc tier two deal, looking to replace the tier two debt that was taken out through a buyback offer earlier this month. The Basel III compliant paper proved attractive, offering a high yield from an investment grade issuer.

    • 18 Jan 2013
  • LGT Bank benefits from a slow start in Swissies

    LGT Bank, the private bank owned by the ruling family of Liechtenstein, has become the third financial institution to borrow in Swiss francs this year, taking advantage of a lack of supply in the market to refinance an upcoming redemption at a favourable rate.

    • 18 Jan 2013
  • Peripheral covered issuance leads the way

    Of the 13 European covered bond deals that have priced so far this year, more than half have been from the periphery markets. In the last week alone, four Spanish deals, two Italian transactions and the first Portuguese issue since the onset of the eurozone crisis were priced.

    • 18 Jan 2013
  • BNZ carries short sterling trend into 2013

    Bank of New Zealand followed peers from Australia and New Zealand into short-dated sterling on Thursday, as it printed a £200m three year FRN, its debut transaction in the currency.

    • 18 Jan 2013
  • Italian banks back with short end deals as periphery sentiment builds

    Italian banks made their first appearance in euro medium term notes this week against a backdrop of investor positivity towards the eurozone periphery. But issuers are still unlikely to sell anything but the most conservative of structures in the near term, said dealers.

    • 18 Jan 2013
  • Bookrunners of all international bonds — 2013 (January 16, 2013)

    • 18 Jan 2013
  • Cyborgs on standby?

    HSBC bankers are mourning the retirement of man so famous he needs no name — he is simply “that Irish guy who tells you when the fire alarm is about to be tested”.

    • 18 Jan 2013
  • CBA stays at home for A$2.5bn dual-tranche deal after tender offer

    Commonwealth Bank of Australia sold a dual-tranche deal in its domestic currency on Monday, giving investors a new place to park their cash after approaching them with a tender offer on the same day.

    • 18 Jan 2013
  • Banco Popolare di Milano

    • 18 Jan 2013
  • KBC set to print around 75bp outside Barclays Coco

    KBC Bank is set to print a contingent capital transaction between 65bp and 90bp outside the trading levels for Barclay's existing deal which carries the same 7% core tier one trigger.

    • 18 Jan 2013
  • NAB goes international for $2.5bn in three maturities

    National Australia Bank turned to the international dollar bond market in three different maturities this week, raising a combined $2.5bn after becoming the latest Australian bank to sell a three year deal, alongside its two and 10 year notes.

    • 18 Jan 2013
  • Bookrunners of Asia Pacific bonds in $, € and ¥ — last 12 months rolling

    • 18 Jan 2013
  • Kreditbank follows German peers towards zero spread

    Deutsche Kreditbank, a wholly owned subsidiary of BayernLB, contributed to a trickle of super-tight Pfandbriefe from German names on Friday when it set the spread on a €500m public sector deal at 3bp over mid-swaps.

    • 18 Jan 2013
  • Ukreximbank crunches pricing inside curve

    Pricing of Ukreximbank’s $500m 8.75% 2018s this week came inside the state-owned bank’s own curve, according to a syndicate official close to the deal.

    • 18 Jan 2013
  • Isbank looks for Eurolira, dollars, covered

    Isbank’s deputy CEO, Erdal Aral, has told EuroWeek Emerging Markets that the bank is planning to issue Eurolira bonds, dollar bonds and covered bonds in 2013 — and that these three instruments are likely to feature in most large Turkish banks’ funding plans this year.

    • 18 Jan 2013
  • Wells Fargo and BNP Paribas welcomed down under in stylish Aussie return

    BNP Paribas and Wells Fargo were both able to take advantage of buoyant sentiment among Australian investors to sell five year debt on Thursday. Happily for BNP Paribas, investors were able to look past its French origins to end the bank’s lock-out from the Australian dollar market.

    • 18 Jan 2013
  • Achmea Hypotheekbank NV

    • 18 Jan 2013
  • Gazprombank draws global crowd for Eurorouble return

    Unprecedented demand from international investors enabled Gazprombank to push the boundaries of size on its return to the Eurorouble market this week.

    • 18 Jan 2013
  • Deutsche Pfandbriefbank

    • 18 Jan 2013
  • Yapi secures premium pricing for non-sov re-opening

    Yapi Kredi Bank became the first non-sovereign CEEMEA credit to tap high levels of investor liquidity in 2013 on Monday, pricing a $500m seven year through its existing curve.

    • 18 Jan 2013
  • Bonds Tables 1288

    • 18 Jan 2013
  • Achmea and PBB return to build senior curves

    Deutsche Pfandbriefbank (PBB) and Achmea Hypotheekbank came to the senior unsecured market on Thursday for the first time since their debuts last year. PBB extended its curve by one year, but Achmea went further with a rare dual tranche offering that included a five year fixed note as well as a two year FRN.

    • 18 Jan 2013
  • Power Grid goes long for debut dollar bond

    Power Grid Corporation of India followed Export Import Bank of India into the long end of the curve last week, making its dollar debut with a $500m Reg S deal. A flat curve from five to 10 years makes longer tenors highly attractive for many issuers, and bankers are hoping to bring deals as long as 30 years in the weeks to come.

    • 18 Jan 2013
  • KBC’s state aid Coco pops up encouraging $5bn book

    Investors demonstrated strong support for KBC Bank’s long-awaited contingent capital bond on Thursday, pushing orders to over $5bn by late afternoon. The deal, which is set to be priced on Friday, will help the Belgian borrower repay its state aid early.

    • 18 Jan 2013
  • FIG rally rides out wobble as Santander pushes maturity

    The senior unsecured and covered bond markets supported a number of well-bought deals this week, as investors appeared willing to keep the FIG rally rolling on through some softening of new issues.

    • 18 Jan 2013
  • Sub investors gobble up Axa double-header

    Two outings in three days this week helped Axa tackle its upcoming sub debt maturities, as the French insurance group took $850m from the Reg S market over Monday and Tuesday, before returning on Thursday with a €1bn 30 year non-call 10 trade.

    • 18 Jan 2013
  • CBM takes long road to senior return

    Credit Bank of Moscow started meeting investors on Wednesday ahead of a potential return to the senior unsecured market.

    • 18 Jan 2013
  • UK MPs demand end to box ticking bank regulation

    The UK’s Treasury Select Committee has called for the chairman of the new Financial Conduct Authority (FCA), John Griffith-Jones, to break with the past and embrace a judgement-led approach to regulation to avoid making the same mistakes as the Financial Services Authority (FSA).

    • 18 Jan 2013
  • Axa

    • 18 Jan 2013
  • ABN Amro’s Canadian dip

    ABN Amro sold a five year Canadian dollar note on Monday afternoon, continuing a lively start to the year in niche currencies by the Dutch bank. ANZ and TD Securities priced the C$100m ($101.47m) 2.75% January 2018 notes at 95bp over mid-swaps, in line with guidance in the 95bp area.

    • 18 Jan 2013
  • Falling through the floor: KDB moves pricing ever tighter, celebrates rise of US investors in orderbook

    Korea Development Bank pulled the country’s policy bank curve tighter this week with a dual-tranche dollar issue, becoming the latest Korean lender to close the gap with its global peers. The tight pricing of the deal drew complaints from KDB’s traditional investor base — but a hunger for short-dated dollar bonds and KDB’s new double-A image ensured support from a host of new accounts, writes Steve Gilmore.

    • 18 Jan 2013
  • Achmea and PBB back to build senior curves

    Deutsche Pfandbriefbank (PBB) and Achmea Hypotheekbank came to the senior unsecured market on Thursday for the first time since their debuts last year. PBB extended its curve by one year, but Achmea went further with a dual tranche offering that included a five year fixed note as well as a two year FRN.

    • 17 Jan 2013
  • Market still good for new deals after BBVA

    Despite order inflation concerns and fears of profit taking on older peripheral deals that are now trading back above par, the covered bond market remains good for new issues, such as BBVA's 10 year launched on Thursday and Kuxtabank's four year, which was mandated on Thursday, bankers told The Cover.

    • 17 Jan 2013
  • National Bank of Oman receives Islamic banking license

    National Bank of Oman has become the second bank in the sultanate to receive an Islamic banking license, following Bank Muscat’s approval by the central bank on Monday.

    • 17 Jan 2013
  • Gazprombank draws global crowd for Eurorouble return

    Unprecedented demand from international investors enabled Gazprombank to push boundaries on both size and pricing on its return to the Eurorouble market this week.

    • 17 Jan 2013
  • Ukreximbank crunches $500m bond pricing to inside its curve

    The pricing of Ukreximbank’s $500m 8.75% 2018s was inside the state-owned bank’s own curve, according to a syndicate official close to the deal. The note, which was priced at par on Tuesday and was bid at par on Thursday morning, was arranged by Credit Suisse and Morgan Stanley.

    • 17 Jan 2013
  • KBC starts strongly with $3bn books as Axa tops up in euros

    Belgium’s KBC Bank opened books on its highly anticipated Reg S contingent capital trade on Thursday, having spent the earlier part of the week meeting investors in Europe and Asia. Despite some observers’ protestations that the price guidance was not generous enough, the deal started well, receiving $3bn of orders. Meanwhile, Axa was set to price a 30 year non-call 10 trade in euros.

    • 17 Jan 2013
  • Cheaper basis swap spells success for QNB Swissie

    Qatar National Bank became the first Middle Eastern issuer in 2013 to tap the Swiss market on Thursday, selling a two year floater. The deal was helped to success by a cheapening basis swap and the fact it offered investors a new, rare credit in a different format.

    • 17 Jan 2013
  • BNZ brings short sterling trend into 2013

    Bank of New Zealand followed peers from Australia and New Zealand into short-dated sterling on Thursday, as it opened a three year £200m–£250m deal at initial price thoughts of 75bp over three month Libor.

    • 17 Jan 2013
  • Wells and BNPP return to Aussie dollars in style

    BNP Paribas and Wells Fargo were both able to take advantage of buoyant sentiment among Australian investors to sell five year debt on Thursday. Happily for BNP Paribas, investors were able to look past its French origins to end the bank's lockout from the Australian dollar market.

    • 17 Jan 2013
  • Isbank looks to eurolira and covered bonds

    Isbank’s deputy CEO, Erdal Aral, has told The Cover that the bank is planning to issue Eurolira bonds, dollar bonds and covered bonds in 2013 — and that these three instruments are likely to feature in most large Turkish banks’ funding plans this year.

    • 17 Jan 2013
  • KDB gains ground on rivals with dual-tranche dollar deal

    Korea Development Bank pulled the country’s policy bank curve tighter with a dual-tranche dollar issue on Tuesday, becoming the latest Korean lender to close the gap with its global peers. The tight pricing of the deal drew complaints from KDB’s traditional investor base — but a hunger for short-dated dollar bonds and KDB’s new double-A image ensured support from a host of new accounts, said bankers.

    • 17 Jan 2013
  • Milano, Santander defy softer market with senior benchmarks

    Banco Popolare di Milano and Banco Santander were set to print euro denominated benchmark deals on Wednesday, as they refused to let a softer senior unsecured market get in their way.

    • 16 Jan 2013
  • NAB hauls in $2.5bn across three bond tenors

    National Australia Bank turned to the international dollar bond market in three different maturities this week, raising a combined $2.5bn after becoming the latest Australian bank to sell a three year deal, alongside its two and 10 year notes.

    • 16 Jan 2013
  • Intesa goes long with high quality book

    Intesa Sanpaolo is set to price the longest covered bond of the year so far at over 100bp through the Italian sovereign and on the back of a stunning, high quality book. The result could have been expected given the very supportive technical backdrop, but the market environment is not as conducive as last week.

    • 16 Jan 2013
  • Isbank looks for eurolira, dollars and covered bonds

    Isbank’s deputy CEO, Erdal Aral, has told EuroWeek Emerging Markets that the bank is planning to issue Eurolira bonds, dollar bonds and covered bonds in 2013 — and that these three instruments are likely to feature in most large Turkish banks’ funding plans this year.

    • 16 Jan 2013
  • Update: CBA sells A$2.5bn in domestic dual trancher

    Commonwealth Bank of Australia sold a dual-tranche deal in its domestic currency on Monday, giving investors a new place to park their cash after approaching them with a tender offer on the same day.

    • 16 Jan 2013
  • CEB looks for second tier two tranche

    Credit Europe Bank is meeting investors in Switzerland on Wednesday ahead of a potential 10 year non-call five tier two outing.

    • 16 Jan 2013
  • UniCredit sings for its sub debt

    UniCredit took a path less travelled by European banks on Wednesday morning, raising subordinated debt in Asia, with a Singapore dollar bond issue. It sold a S$300m 10.5 non-call 5.5 year tier two issue.

    • 16 Jan 2013
  • EFG refills coffers with Swiss franc tier two

    EFG International came to market on Wednesday with a Swiss franc tier two deal, looking to replace the tier two debt that was taken out through a buyback offer earlier this month. The Basel III compliant paper proved attractive, offering a high yield from an investment grade issuer.

    • 16 Jan 2013
  • Q&A with Banco Popular Español, Santiago Armada

    Santiago Armada, head of funding at Banco Popular Español, talks to The Cover about this week’s €500m six year covered bond issue, as well as the general situation in Spain and his bank’s approach to refinancing LTRO liquidity.

    • 16 Jan 2013
  • Gazprombank ratchets down on eurorouble pricing

    Gazprombank launched its latest 3.5 year eurorouble note at 7.875% late on Tuesday, according to market talk.

    • 16 Jan 2013
  • Let's hear it for pass-through covered bonds

    A covered bond that offers identical credit quality to any other but which is immune from rating volatility should prove a boon to both investors and issuers. A pass-through structure would achieve just that, and NIBC’s decision to explore it should be applauded.

    • 16 Jan 2013
  • Ukreximbank guides to high eights for dollar return

    Leads Credit Suisse and Morgan Stanley set guidance on Ukreximbank’s latest dollar outing at 8.75% area late on Tuesday, in line with price thoughts of high 8% area released earlier in the day.

    • 16 Jan 2013
  • CBM takes long road to senior return

    Credit Bank of Moscow will start meeting investors on Wednesday ahead of a potential return to the senior unsecured market.

    • 15 Jan 2013
  • CBA launches triple bond tender, offers new deal

    Commonwealth Bank of Australia became the latest Aussie borrower to buy back government guarantee bonds at the start of the week, launching a tender of three Australian dollar bonds at the same time as opening the order book for a new deal.

    • 15 Jan 2013
  • Islamic licence for Oman’s Bank Muscat

    Bank Muscat, Oman’s biggest bank by assets, has obtained a licence from the Central Bank of Oman to open an Islamic banking business, which will operate as Meethaq Islamic Banking.

    • 15 Jan 2013
  • Gazprombank sets levels on Eurorouble

    Gazprombank has released initial pricing levels on a new senior Eurorouble transaction. Bankers away from the Reg S deal said price thoughts had been heard in the low 8% area for the 3.5 year deal.

    • 15 Jan 2013
  • Let's hear it for pass-through covered bonds

    A covered bond that offers identical credit quality to any other but which is immune from rating volatility should prove a boon to both investors and issuers. A pass-through structure would achieve just that, and NIBC’s decision to explore it should be applauded.

    • 15 Jan 2013
  • Deutsche Hypo back on track with €500m five year

    Deutsche Hypothekenbank was set to price a €500m five year mortgage backed Pfandbrief early on Tuesday afternoon from an order book of close to €600m. The deal was modestly oversubscribed, compared with Aareal Bank’s five year on Monday, but it was an improvement on Deutsche Hypo’s previous outing last September.

    • 15 Jan 2013
  • DNB safely away despite drop in demand

    DNB Boligkreditt returned to the market on Tuesday with a €1.5bn five year covered bond priced flat to its curve. Execution was straightforward but the deal did not attract as much demand as DNB’s previous five year — highlighting increased investor reservations about the less generous spread now on offer.

    • 15 Jan 2013
  • Ukreximbank mandates for Eurobond return

    Ukreximbank has mandated Credit Suisse and Morgan Stanley for a potential benchmark Eurobond issue.

    • 15 Jan 2013
  • Yapi Kredi secures premium pricing for non-sovereign re-opening

    Yapi Kredi Bank became the first non-sovereign CEEMEA credit to tap high levels of investor liquidity in 2013 on Monday, pricing a $500m seven year through its existing curve.

    • 15 Jan 2013
  • Axa wraps up perp, KBC could launch this week

    Axa was set to price a perpetual non-call six year deal to yield 5.5% on Tuesday, having received around $6.5bn of demand for the Reg S trade. Meanwhile, bankers involved in KBC Bank’s contingent capital roadshow said the bond could be launched at the end of the week.

    • 15 Jan 2013
  • Valtellinese first Italian to tap euro senior

    Credito Valtellinese has ended speculation over which Italian borrower would step into the euro senior unsecured market first this year, and was set to print a 2-1/2 year bond on Tuesday morning.

    • 15 Jan 2013
  • French banks’ US money fund return could gather speed with LTRO payback

    French banks’ are increasingly tapping US money market funds for short term cash — and the trend could accelerate if banks pay back three year loans from the European Central Bank early, euro commercial paper dealers said on Monday.

    • 14 Jan 2013
  • Socram Banque

    • 14 Jan 2013
  • StanChart looks long with rare sterling trade

    Standard Chartered took to the long end on Monday morning, opening books on a 25 year sterling transaction.

    • 14 Jan 2013
  • Aareal shows strength of Pfandbrief

    Aareal Bank has issued the first Pfandbrief of the year, attracting a comfortably oversubscribed book and pricing flat to its curve. Despite the appetite for high yielding risk, the deal showed that there is still plenty of appetite for core covered bonds, ­even if they are backed a high proportion of commercial loans from outside Germany.

    • 14 Jan 2013
  • Popular gets longest funding for tier two issuer

    Banco Popular Español has added to a succession of covered bonds from peripheral countries this year issuing the longest tenor for any Cédulas issuer since 2010 and in the process attracting over 100 investors. BPCE has also tapped the covered bond market.

    • 14 Jan 2013
  • S&P lifts lid on KBC Coco structure with BB+ rating

    Standard & Poor’s has rated KBC Bank’s contingent capital instruments BB+, assigning minimal equity content to the proposed structure.

    • 14 Jan 2013
  • Sub debt: Axa turns to dollars as StanChart taps 30s

    Axa returned to subordinated issuance on Monday after an absence of nearly three years, as Standard Chartered re-opened a recent tier two.

    • 14 Jan 2013
  • No let-up in senior as Sparebank 1 and SocGen launch seven years

    Sparebank 1 SR Bank and Société Générale were out with well-bought seven year euro senior unsecured trades on Monday morning. The periphery took a break from its recent glut of issuance, but bankers said recent deals were trading well and they expected more to come from the region this week.

    • 14 Jan 2013
  • UK Financial Policy Committee sets out counter cyclical capital buffer

    The UK’s Financial Policy Committee is being handed powers to set capital buffers for the country’s banks, in line with a Treasury consultation last year.

    • 14 Jan 2013
  • LGT benefits from slow Swiss start

    LGT Bank, the private bank owned by the ruling family of Liechtenstein, has become the third financial institution to borrow in Swiss francs this year, taking advantage of a lack of supply in the market to refinance an upcoming redemption at a favourable rate.

    • 14 Jan 2013
  • ABN Amro dips into Canadian dollars

    ABN Amro is expected to sell a five year Canadian dollar note on Monday afternoon, continuing a lively start to the year in niche currencies by the Dutch bank.

    • 14 Jan 2013
  • KBC expected to opt for permanent write-down for Coco

    Belgium’s KBC Bank is expected to emulate Barclays and choose a permanent write-down structure when it prints its non-dilutive contingent capital note, which could hit the market in just over a week’s time. The issuer takes to the road in Europe and Asia next Monday to meet investors in advance of the transaction, which will help it repay its state aid early.

    • 11 Jan 2013
  • Bookrunners of all global bonds (Americas) — 2013 (January 9, 2013)

    • 11 Jan 2013
  • US buyers return to Europe as Delta Lloyd surges on €430m sale

    Aviva sold its remaining 19.4% stake in Dutch insurer Delta Lloyd on Tuesday evening, raising €434m. With the shares trading up 6.6% on Wednesday — and 8.4% on the offer price — hindsight suggests that the seller could have found a more efficient approach than the best-efforts placement it used.

    • 11 Jan 2013
  • HSBC France

    • 11 Jan 2013
  • BPCE

    • 11 Jan 2013
  • EFG preps tier two roadshow after tender offer closes

    EFG International on Tuesday mandated for a two day roadshow in Switzerland next week, ahead of a possible Swiss franc deal. The bank is looking to raise money in Swiss francs to replace tier two debt likely to be taken out through a buyback offer.

    • 11 Jan 2013
  • Metropolitan Life Global Funding I (MetLife)

    • 11 Jan 2013
  • ‘Crazy’ Taiwan demand creates opportunities

    More banks should look at the possibility of printing callable zero structures, MTN dealers said this week, given the heavy level of Taiwanese life insurers’ demand for the long-dated structures. The investors could also be forced to explore new structures in the hunt for yield.

    • 11 Jan 2013
  • Dollar accounts storm Intesa’s US return

    Intesa Sanpaolo made a victorious return to the dollar market after an absence of nearly two years, attracting a three-times subscribed book for a $3.5bn dual tranche bond on January 7.

    • 11 Jan 2013
  • Bookrunners of Asia Pacific (ex-Japan) bonds in $, € and ¥ — last 12 months rolling

    • 11 Jan 2013
  • CBA goes global, sells dollar deal to Europe

    Commonwealth Bank of Australia has demonstrated how globalised the covered bond market has become by selling almost half of the year’s first dollar covered bond benchmark to European buyers.

    • 11 Jan 2013
  • Banco Espírito Santo

    • 11 Jan 2013
  • RBS nabs Wylie to run Asia primary markets

    Guy Wylie, former head of Asian debt capital markets at UBS, joined Royal Bank of Scotland this week, taking over what bankers are internally billing as the firm’s "credit matrix" in the region after being given a job running primary markets.

    • 11 Jan 2013
  • CaixaBank SA

    • 11 Jan 2013
  • Banco Popular Español

    • 11 Jan 2013
  • UniCredit inspires Italians with biggest ever OBG book

    UniCredit put on a demonstration of new year risk appetite on Monday when it collected the biggest ever order book for an Italian covered bond. The national champion priced its €1bn seven year from €6.5bn of orders, throwing the door open for second tier Italian names, which bankers are urging to take advantage of the strong market.

    • 11 Jan 2013
  • Banks record large EMTN and ECP sterling flows

    Banks topped up on sterling this week through privately placed MTN and euro CP trades.

    • 11 Jan 2013
  • Standard Chartered plc

    • 11 Jan 2013
  • Nordea covered bond success ‘never in doubt’

    Finland’s Nordea Bank this week priced a €1.25bn covered bond flat to its own curve on the back of a comfortably oversubscribed book. Given the strength and rarity of the credit and jurisdiction, a positive result was never in doubt, lead managers told EuroWeek.

    • 11 Jan 2013
  • BIL opens sub debt buyback to strengthen reg capital

    Banque Internationale à Luxembourg, formerly part of Dexia, is offering to buy back a tier one and four lower tier two securities in a cash tender offer designed to bolster its regulatory capital.

    • 11 Jan 2013
  • Westpac leads way for Aussies with $1.4bn senior unsecured

    Westpac became the first of the big four Australian banks to issue in 2013, selling a dual tranche SEC registered senior unsecured dollar deal on January 7. The borrower priced a $1.4bn 0.95% three year tranche at 60bp over US Treasuries and a 1.6% five year tranche at 80bp over.

    • 11 Jan 2013
  • US buyers give big hug to StanChart, Pru sub

    Standard Chartered plc proved that it had put the embarrassment of last year’s spat with US regulators behind it this week, as it placed $2.5bn of tier two paper, mostly with institutional accounts in the country. Meanwhile, Prudential proved its popularity with Asian investors, building a book of around $16bn for its perpetual non-call five trade.

    • 11 Jan 2013
  • Kookmin makes most of investors’ thirst

    Kookmin Bank returned to the dollar bond market for the first time in a year and a half to sell a $300m three year bond this week. But the South Korean issuer does not plan to be away from the market for another long stretch: it is already cooking up a return to the market before the end of the year.

    • 11 Jan 2013
  • Bargain in Bagan

    HSBC’s Souhail Mahjour, one of the CEEMEA syndicate gang’s last remaining bachelors, has finally taken himself off the market. Drawing on his emerging market expertise, Souhail whisked his beloved off to Bagan (it’s in the Mandalay region of Burma, as if you didn’t already know) and with a glorious sunrise as his backdrop, he dropped to one knee and sealed the deal.

    • 11 Jan 2013
  • Banque Fédérative du Crédit Mutuel

    • 11 Jan 2013
  • S&P affirms CFF leaves DexMA on Watch Negative

    The period that S&P allowed issuers to modify their covered bond programmes and meet the agency’s revised swap counterparty criteria came to an end on January 11. Many of the eight programmes that S&P identified, including CFF, have now been affirmed though some, such as DexMA, remain in Watch Negative and others have been downgraded.

    • 11 Jan 2013
  • Bankinter prices 20bp through its own curve

    Bankinter took advantage of robust demand for higher yielding Spanish bank debt and, following the huge success of Caixa­bank’s three year senior deal, launched a 3.5 year Cédulas on Thursday. The search for yield was in evidence as the borrower attracted a book that was more than seven times covered.

    • 11 Jan 2013
  • UBS looks to Kendall to export ECM magic

    UBS has a global head of ECM again, and this time the job is based in Asia. After nearly five years without one, following the creation in May 2008 of a global capital markets structure that combined debt and equity, the bank’s latest reorganisation has prompted the re-emergence of the product-specific position — and Sam Kendall, until now the head of Asian ECM, has been given the job.

    • 11 Jan 2013
  • ICICI increases Singapore dollar debut

    ICICI Bank sold its first public Singapore dollar deal on Wednesday, managing to price a longer and larger deal than its two previous private placements in the currency. The seven year tenor went down well with yield-hungry investors and allowed the borrower to price inside its implied curve.

    • 11 Jan 2013
  • Banks cheer as Basel waters down LCR plans

    Bank shares surged and the industry cheered this week after the Basel Committee for Banking Supervision expanded the range of assets eligible for liquidity coverage ratio (LCR) buffers and delayed implementation of the new rules, writes Will Caiger-Smith.

    • 11 Jan 2013
  • CaixaBank, Espírito Santo, BPE meet jumbo demand

    Banks from Europe’s periphery could have been forgiven for thinking that all was forgiven this week as some of Europe’s more conservative investors were spotted among the hordes stampeding into deals from Spanish and Portuguese borrowers.

    • 11 Jan 2013
  • Fabulous Friday as CGD and Sabadell step in, Aareal follows

    The covered bond market got a shot in the arm on Friday, usually a quiet day for business, when two peripheral issuers launched deals and one core issuer mandated. The appetite for risk was exemplified by the fact that four of this week’s six deals have priced through their sovereign.

    • 11 Jan 2013
  • Abbey National Treasury Services

    • 11 Jan 2013
  • Hat meets rabbit

    Every European FIG issuer to have pushed the boundaries this year has been successful. But for the market rehabilitation to continue real change is needed.

    • 11 Jan 2013
  • Bookrunners of all international bonds — 2013 (January 9, 2013)

    • 11 Jan 2013
  • UK, French borrowers round out busy FIG week as results season looms

    Bond issues from banks in core Europe in the middle part of the maturity curve rounded out a busy week for FIG issuance.

    • 11 Jan 2013
  • ABN Amro binges on niche currencies

    ABN Amro took advantage of niche currency investor inflows to sell bonds in Norwegian krone and Australian dollars this week.

    • 11 Jan 2013
  • Bonds Tables 1287

    • 11 Jan 2013
  • High yield set to benefit as investors aim money at LatAm

    Latin American borrowers re-entered the capital markets this week after a dormant first week of the year, led by Mexico (see above). Brazilian merchant bank BTG Pactual raised $1bn at what bankers said was a negative new issue premium.

    • 11 Jan 2013
  • Agarwal and Furber step up at new-look Credit Suisse

    Credit Suisse is merging debt capital markets and corporate debt derivatives into one unit, to harmonise client coverage. Sandeep Agarwal and Mike Furber will co-head the new DCM and derivatives solutions business.

    • 11 Jan 2013
  • ZKB returns for Swiss seconds with 11 year

    Zürcher Kantonalbank priced its second deal of the week last Friday, an 11 year fixed rate bond. The deal follows the floating rate note it sold the previous day and rounds off a good opening week for triple-A rated issuance in Swiss francs, although an expensive basis swap means that the trend is not expected to continue.

    • 11 Jan 2013
  • CBA makes return to Swiss senior

    Commonwealth Bank of Australia is set sell its first senior unsecured bond in Swiss francs since 2011 on Friday, as investors keep up their interest in Aussie borrowers.

    • 11 Jan 2013
  • Deutsche Bank

    • 11 Jan 2013
  • Investors tender £2bn for RBS senior buyback

    Royal Bank of Scotland is to buy back nearly £2bn worth of senior unsecured paper in five currencies, in an any and all cash tender offer which closed on Thursday.

    • 11 Jan 2013
  • Bookrunners of Asia Pacific bonds in $, € and ¥ — last 12 months rolling

    • 11 Jan 2013
  • Markit Data 1287

    • 11 Jan 2013
  • Deutsche, BPCE go long as spreads crunch

    Top rated FIG borrowers took advantage of the best long-end funding rates on offer since the financial crisis this week, to print 10 and 11 year senior unsecured bonds. Deutsche Bank and Metropolitan Life sold 10 year bonds, while BPCE stretched to 11 years, as investors clamoured for the yields on offer with longer dated paper.

    • 11 Jan 2013
  • HSBC makes rare foray into floating rate dim sum

    HSBC China sold a rare floating rate dim sum bond at the end of last week, offering a slight premium over where it could have priced a fixed rate deal — and offering a benchmark to other issuers that might consider what bankers think is still likely to be a rare format in the market.

    • 11 Jan 2013
  • Basel LCR changes confuse market with lower rated covered treatment

    The Basel Committee for Banking Supervision’s decision to expand the range of assets banks can hold in their liquidity coverage ratio (LCR) has split the covered bond market over what will happen to bonds rated lower than AA-.

    • 11 Jan 2013
  • BoI Coco placement signals Irish recovery

    Bank of Ireland added weight to the country’s status as Europe’s poster-boy for recovery on Wednesday, when it completed a re-marketing of the contingent capital notes it sold to the government after 2011’s bailout. The success of the deal marks the latest point in the issuer’s rehabilitation with international investors, and could open the door for senior unsecured issuance, said bankers.

    • 11 Jan 2013
  • Prudential plc

    • 11 Jan 2013
  • NIBC tries to bridge the great ABS-covered bond divide with pass-through

    The worlds of securitisation and covered bonds are colliding as issuers and investors wrestle with rating volatility. With Commerzbank preparing its ground-breaking SME structured covered bond, which relies on a pass-through structure traditionally used in securitisations, NIBC is looking at a new covered bond programme that would feature a similar structure, writes Bill Thornhill.

    • 11 Jan 2013
  • BoI Coco success underscores Irish optimism — but also desperation for yield

    Bank of Ireland added weight to the country’s status as Europe’s poster-boy for recovery on Wednesday, when it completed a remarketing of the contingent capital notes it sold to the government after 2011’s bailout.

    • 10 Jan 2013
  • CBA goes global, selling dollar deal to Europe

    Commonwealth Bank of Australia has demonstrated how globalised the covered bond market has become by selling almost half of the year’s first dollar covered bond benchmark to European buyers. CBA issued its deal, Australia’s first covered bond of 2013, on Wednesday. The $2bn 0.75% January 2016 was priced at the tight end of guidance at 32bp over mid-swaps and 44bp over US Treasuries through joint leads Barclays, CBA and RBC Capital Markets.

    • 10 Jan 2013
  • Update: Kookmin capitalises on buyers’ three year thirst

    Kookmin Bank returned to the dollar bond market for the first time in a year and a half this week, selling a $300m three year bond. But the South Korean issuer does not plan to be away from the market for another long stretch: it is already cooking up a return to the market before the end of the year.

    • 10 Jan 2013
  • KBC set to test appetite for Cocos from lower tier issuers

    KBC Bank’s non-dilutive contingent capital note, which is being issued as part of the issuer’s plan to repay government aid it received during the crisis, will be a crucial test for appetite for Cocos from lower rated issuers, said bankers on Thursday.

    • 10 Jan 2013
  • Gazprombank mandates banks for Eurorouble roadshow

    Gazprombank has mandated Barclays, Citi and Gazprombank to arrange investor meetings with a view to placing a senior Reg S rouble Eurobond. The meetings are taking place in London on January 14.

    • 10 Jan 2013
  • Bankinter prices 20bp through its own curve

    Bankinter has taken advantage of robust demand for higher yielding Spanish bank debt and, following the huge success of Caixabank’s three year senior deal, it launched a 3.5 year Cédulas on Thursday. The search for yield was strongly in evidence and, in little over an hour, the borrower attracted a book that was more than seven times covered, allowing it to fix the spread 25bp inside initial price thoughts.

    • 10 Jan 2013
  • AyT multi cédulas buybacks now possible

    Buybacks of multi cédulas, which covered bond bankers had previously thought impossible, could now be on the cards. Ahorro Corporacion Financiera (ACF) told The Cover on Thursday that a partial amortisation of the AyT multi cédulas deals that it arranged could happen, after a positive signal from the Spanish regulator and affirmation from the rating agencies.

    • 10 Jan 2013
  • Socram Banque follows French issuance rush

    Socram Banque was the only new bank borrower to tap the euro senior unsecured market on Thursday, as issuers took a breather from a heavy week of supply.

    • 10 Jan 2013
  • StanChart taps reverse enquiry to add 30 year, Pru trades up

    Investors proved their appetite for high yielding paper on Tuesday, piling into subordinated issues from Standard Chartered Bank and Prudential plc. Demand for Standard Chartered’s tier two debt was so strong the bank added a 30 year tranche to its 10 year bond, taking $2.5bn out of the market altogether.

    • 09 Jan 2013
  • Broadening interest in BoI spurs secondary Coco placement

    At least €500m of Bank of Ireland high-trigger contingent capital notes are for sale, as the government takes advantage of strong demand for high yielding FIG products to offload some of its investment in the bank’s 2011 recapitalisation.

    • 09 Jan 2013
  • NIBC ponders pass through

    The worlds of securitisation and covered bonds are colliding as issuers and investors wrestle with rating volatility. After Commerzbank announced its groundbreaking SME structured covered bond, which relies on a pass through structure traditionally used in securitisations, NIBC is looking at a new covered bond programme that would also feature a pass through structure.

    • 09 Jan 2013
  • Credit Suisse merges DCM and derivatives

    Credit Suisse is merging its debt capital markets group and its corporate debt derivatives group into a single unit, in a move to harmonise client coverage between the two business areas.

    • 09 Jan 2013
  • CBA to kick off strong year for Australian covered bonds

    Commonwealth Bank of Australia is ready to launch the first Australian covered bond of the year, after mandating banks for a benchmark US dollar deal that an official close to the deal told The Cover was likely to come on Wednesday. The Australian covered market is set to be the fastest growing this year, with Fitch predicting up to $37bn of supply.

    • 09 Jan 2013
  • HSBC France tightens guidance as investors look long

    Investors continued their bid for long dated paper from well rated FIG issuers on Wednesday, piling into a seven year deal from HSBC France a day after an 11 year from BPCE met strong interest.

    • 09 Jan 2013
  • Wylie takes over Asian primary markets at RBS

    Guy Wylie, the former head of Asian debt capital markets at UBS, joined the Royal Bank of Scotland this week, taking over what bankers are internally billing as the firm’s ‘credit matrix’ in the region after being given a job running primary markets.

    • 09 Jan 2013
  • Kookmin turns to three year dollars

    Kookmin Bank raised $300m on Tuesday, after becoming the first South Korean bank to tap the bond market this year — and only the latest to pitch investors with a three year bond.

    • 09 Jan 2013
  • Book blowout for CaixaBank three year as periphery heats up

    Investors looking for yield clamoured for CaixaBank’s three year senior bond issue on Wednesday, showing continuing, overwhelming support for banks from peripheral Europe.

    • 09 Jan 2013
  • India Exim pushes dollar curve out to 2023

    Export Import Bank of India sold its largest and longest ever dollar deal on Monday, as investors leapt at the chance to lock in yield for the long term.

    • 09 Jan 2013
  • Tightening levels threat to bank EMTN volumes

    Euro medium term note volumes could be depressed in the early part of the year if spreads continue to tighten, dealers warned on Wednesday.

    • 09 Jan 2013
  • Liquidity is the problem, not the solution

    Curing or preventing bank runs with liquid assets is a well-meant, fine idea. But the Basel Liquidity Coverage Ratio is like having an extra bucket of water to pour into an emptying bath. When liquidity starts to drain away, only central banks can put back the plug.

    • 08 Jan 2013
  • EFG prepares tier two roadshow after tender offer closes

    EFG International has mandated for a two day roadshow in Switzerland next week, ahead of a possible Swiss franc deal. The bank is looking to raise money in Swiss francs to replace tier two debt likely to be taken out through a buyback offer.

    • 08 Jan 2013
  • BIL tenders for €600m to build regulatory capital

    Banque Internationale à Luxembourg, formerly part of Dexia, is offering to buy back a tier one and four lower tier two securities in a cash tender offer designed to bolster its regulatory capital.

    • 08 Jan 2013
  • Iberian duo hit senior as January liquidity surges

    Banco Espírito Santo and Banco Popular Español were poised to print new senior unsecured bond issues on Tuesday morning, taking advantage of strong New Year liquidity in the market.

    • 08 Jan 2013
  • Barnier welcomes LCR progress, calls for CRD IV finalisation

    Michel Barnier, European Commissioner for internal market and services, has welcomed the “significant progress” on liquidity from the Basel Committee on Banking Supervision, and called for Europe’s capital rules to be finalised in the coming weeks.

    • 08 Jan 2013
  • Nordea success ‘never in doubt’

    Finland’s Nordea Bank is expected to price a €1.25bn covered bond flat to its own curve on the back of a comfortably oversubscribed book. Given the strength and rarity of the credit and jurisdiction, a positive result was never in doubt, lead managers told The Cover

    • 08 Jan 2013
  • Aviva selling €440m Delta Lloyd stake

    Aviva is selling its remaining 19.4% of Dutch insurer Delta Lloyd on Tuesday evening in a €440m accelerated bookbuild.

    • 08 Jan 2013
  • LCR: a victory, yes. But not for the real economy

    The Basel Committee on Banking Supervision’s decision to widen the range of assets eligible for the Liquidity Coverage Ratio, cut the amount of assets required and delay full implementation is positive for the banking industry and a victory for lobbyists. Banks can now breathe a sigh of relief. But let’s not pretend these changes will do much to help the wider economy.

    • 08 Jan 2013
  • Orders top $15bn for Pru’s perp as StanChart goes global

    The subordinated debt market burst into life on Tuesday as Prudential plc drew more than $15bn of demand for a perpetual issue and Standard Chartered began marketing a 10 year tier two deal globally with a 144a/Reg S structure.

    • 08 Jan 2013
  • Italians take inspiration from UniCredit

    Italian banks are set to issue covered bonds in the wake of UniCredit’s inspirational deal on Monday, after it attracted the largest book yet for an Italian covered bond. However, bankers are divided over whether tier two banks will move before the country’s elections on February 24, or wait until April.

    • 08 Jan 2013
  • Basel III LCR: too soon for ABS victory cigars

    The Basel Committee on Banking Supervision’s inclusion of certain RMBS in the second tier of bank liquidity buckets is a welcome reprieve for the ABS market. But the same committee’s updated capital risk weightings, published at the end of last year, are likely to curb a flood of new demand for RMBS as banks also face lower returns on capital held against securitisations.

    • 08 Jan 2013
  • Basel hands loan market a Darwinian task

    With Basel III just two years away, the syndicated loan market is running out of time to face up to the increased costs of the Liquidity Coverage Ratio. Lenders and borrowers watching developments know they must, as they have done before, adapt or die.

    • 08 Jan 2013
  • HSBC’s dim sum floater jumps in secondary

    HSBC China sold a rare floating rate dim sum bond at the end of last week, offering a slight premium over where it could have priced a fixed rate deal — and offering a benchmark to other issuers that might consider what bankers think is still likely to be a rare format in the market.

    • 08 Jan 2013
  • Kendall takes over global ECM at UBS

    UBS has promoted Sam Kendall to global head of equity capital markets, capping a steady rise up the ranks for a banker who has worked at the firm for around nine years.

    • 08 Jan 2013
  • ABN binges on niche currencies

    ABN Amro has taken advantage of a busy month for niche currency redemptions this month. The bank launched a five year Norwegian krone deal on Wednesday, following its first public Australian dollar deal on Tuesday.

    • 08 Jan 2013
  • LCR rules create covered divide

    The rules governing lower rated covered bonds in Basel’s new liquidity coverage ratio are unclear and have prompted three completely different interpretations from market analysts this week.

    • 08 Jan 2013
  • Basel liquidity coverage ratio could swell bid for corporate bonds

    Changes to the liquidity coverage ratio that forms part of the Basel III capital accord could help create a structural bid for corporate bonds from banks, some observers believe.

    • 07 Jan 2013
  • Banks look long as investors pile into senior

    Banks stretched into longer dated tenors on Monday morning, as investors showed strong support for 10 year transactions from Deutsche Bank and Metropolitan Life and Abbey National Treasury Services’ five year.

    • 07 Jan 2013
  • Commerz mandates for first structured SME deal

    Commerzbank has mandated leads for Europe’s first ever SME structured covered bond. Meanwhile, the success of UniCredit’s seven year on Monday, could spur deals from German, Nordic and possibly Spanish issuers, bankers told The Cover. However, secondary market activity has slowed after a brisk start last week.

    • 07 Jan 2013
  • UniCredit collects €6.5bn book as investors look south

    UniCredit put on a demonstration of the New Year’s appetite for risk on Monday morning when it priced a €1bn seven year covered bond from a €6.5bn book. Demand for the deal has been granular with the pricing, at 150bp over mid-swaps, being 90bp through the government curve.

    • 07 Jan 2013
  • Commercial paper’s surprise Basel III inclusion raises mixed feelings

    Commercial paper’s addition as a high quality liquid asset under Basel III could increase demand for the instrument — but may also depress already low yields, dealers warned on Monday.

    • 07 Jan 2013
  • Abbey joins fives club with deal capped at €1bn

    Abbey National Treasury Services joined the run of banks issuing five year bonds on Monday, capping its new issue at €1bn after raising more than twice that in investor interest. The deal follows a five year from Banque Fédérative du Crédit Mutuel on Friday.

    • 07 Jan 2013
  • Asian bonds braced for busy week

    Debt bankers are bracing themselves for a frenetic week of dollar bond issuance from their Asian clients, but are confident that investor demand is too high for them to have many problems getting through all the supply.

    • 07 Jan 2013
  • LCR revisions welcomed but sovereign bias still a concern

    Banking industry professionals have welcome the Basel Committee for Banking Supervision’s decision to expand the range of assets banks can hold in their liquidity coverage ratio (LCR) buffer, as well as the delayed implementation date. However, some market participants are concerned that the buffer’s focus on government debt does little to break the negative feedback loop between banks and sovereigns.

    • 07 Jan 2013
  • LCR revisions welcomed but sovereign bias still a concern

    Banking industry professionals have welcome the Basel Committee for Banking Supervision’s decision to expand the range of assets banks can hold in their liquidity coverage ratio (LCR) buffer, as well as the delayed implementation date. However, some market participants are concerned that the buffer’s focus on government debt does little to break the negative feedback loop between banks and sovereigns.

    • 07 Jan 2013
  • BNP Paribas

    • 04 Jan 2013
  • Bonds Tables 1286

    • 04 Jan 2013
  • Bookrunners of Asia Pacific (ex-Japan) bonds in $, € and ¥ — 2012

    • 04 Jan 2013
  • Markit Data 1286

    • 04 Jan 2013
  • PSB to call $100m sub debt as strong bid for EM outweighs step-down

    Promsvyazbank will call its $100m subordinated 2018s on January 31, according to an investor relations official at the Russian bank, in spite of an imminent coupon step-down. Demand for emerging market debt is so strong that a new issue would be cheaper, although the bank has no urgent need for funding.

    • 04 Jan 2013
  • CRH reopens covered and prices close to OATs

    Caisse de Refinancement de l'Habitat (CRH) on Friday priced the first covered bond of the year and despite very tight pricing to the OAT it managed to attract high demand, particularly from Germany. Scarcity of supply was always going to be a help, but a 25bp rise in Bund yields in the last few days also played a part.

    • 04 Jan 2013
  • Early bird ZKB returns to market, lower-rated borrowers set to follow

    Zürcher Kantonalbank priced its second deal of the week on Friday morning, an 11 year fixed rate bond. The deal follows the floating rate note it sold on Thursday and rounds off a good opening week for triple-A rated issuance in Swiss francs, although an expensive basis swap means that the trend is not expected to continue.

    • 04 Jan 2013
  • German, French buyers drive demand for BFCM after strong week

    Banque Fédérative du Crédit Mutuel followed its French peers BNP Paribas and Société Générale into the senior market on Friday, launching a €1.25bn five year senior bond. French and German accounts drove demand.

    • 04 Jan 2013
  • Equity Capital Markets News in Brief - January 4, 2012

    • 04 Jan 2013
  • RBS set to buy back range of currencies in senior tender

    Royal Bank of Scotland is offering holders of its senior debt in euros, sterling, Swiss francs and Singapore dollars a chance to tender their securities, as well as launching a similar exercise targeting US dollar liabilities.

    • 04 Jan 2013
  • Bookrunners of all global bonds (Global) — 2012

    • 04 Jan 2013
  • Nova KBM aims to boost tier one capital ratio

    Nova Kreditna Banka Maribor launched an exchange offering in an effort to improve its tier one capital ratio at the end of last year, as speculation mounted over the health of the Slovenian banking sector.

    • 04 Jan 2013
  • BBVA Senior Finance SA Unipersonal

    • 04 Jan 2013
  • CRH mandates but doubts grow over volumes

    Caisse de Refinancement de L’Habitat (CRH) has mandated leads for the first covered bond deal of 2013, a 12 year benchmark. But despite record covered bond redemptions this month which should theoretically be positive for supply, bankers are not getting too excited.

    • 04 Jan 2013
  • Basel III regulation weighs heavily on Euroloan market desperate for a better 2013

    The majority of loans bankers are predicting no sudden recovery in EMEA syndicated loan volumes this year, after enduring a 33% annual drop in deals signed in the region in 2012. And the same old worries remain: lenders reckon that regulation will be the biggest influence on the business this year, with most fearing a sizeable effect, writes Nina Flitman.

    • 04 Jan 2013
  • Bookrunners of Asia Pacific bonds in $, € and ¥ — 2012

    • 04 Jan 2013
  • ASB Bank quadruples domestic bond to NZ$400m after long time away

    ASB Bank, the New Zealand subsidiary of Commonwealth Bank of Australia, returned to its domestic bond market at the end of December, raising NZ$400m ($338.1m) after increasing the size of the deal to four times what it had originally aimed for.

    • 04 Jan 2013
  • Bookrunners of all international bonds — 2012

    • 04 Jan 2013
  • Global FIG bonds: Full year 2012

    Global FIG bonds: Full year 2012

    • 04 Jan 2013
  • Mizuho snaps up Wheatcroft

    Mark Wheatcroft, the former head of EMEA debt syndicate at UBS, will join Mizuho International in London in early February as head of debt syndicate, EuroWeek understands.

    • 04 Jan 2013
  • Banks weigh up options, Europe closes in on loss absorption

    As European policymakers approach a final agreement on new rules specifying how subordinated bonds and additional tier one instruments must be structured, banks have two options: wait for clarity on how to incorporate loss absorption at point of non-viability, or simply press ahead with tier two issuance — and risk not receiving capital treatment under the new framework.

    • 04 Jan 2013
  • CFF on shaky ground as DexMA looks to brighter future

    Two French covered bond issuers have very different outlooks for 2013, with Dexia Municipal Agency on an upward path, while Compagnie de Financement Foncier (CFF), until recently by far the better credit, faces severe disruptions because of ratings uncertainty. Traders believe the spread differential for the two issuers is likely to converge this year and may even cross over.

    • 04 Jan 2013
  • Citi and Metlife set dollar ball rolling with solid start

    Citigroup and Metropolitan Life ensured a solid start to the year for US bank and financial borrowers this week, as analysts predicted a rise in dollar issuance from European issuers in 2013.

    • 04 Jan 2013
  • Funding for Lending drives UK mortgages

    UK mortgage lending is ticking up sharply as the effects of the Funding for Lending Scheme begin to be felt.

    • 04 Jan 2013
  • Bonus payments prompt RBC senior FIC exodus

    Royal Bank of Canada has lost several senior figures from its fixed income and currencies division in London, including European fixed income and currencies head John Greenslade, writes Dan Alderson.

    • 04 Jan 2013
  • ZKB plays it safe with FRN, preps 10 year deal

    Zürcher Kantonalbank restarted Swiss franc FIG supply on January 3 with a Sfr260m ($284.69m) five year floating rate note that surprised some with its defensiveness.

    • 04 Jan 2013
  • Société Générale

    • 04 Jan 2013
  • BBVA reopens FIG with flourish as rally spurs interest — and hesitation

    Spain’s BBVA reopened Europe’s bank finance market on Thursday with the first of a trio of deals that underscored heavy investor interest in new issues. As the three deals were tightened in execution, and then tightened further on the break, market participants scrambled to adjust their supply expectations for the month ahead, writes Katie Llanos-Small.

    • 04 Jan 2013
  • Euro-denominated FIG bonds: Full year 2012

    Euro-denominated FIG bonds: Full year 2012

    • 04 Jan 2013
  • Asian demand fuels strong opening week for FIG MTNs

    Asian investors drove the first FIG MTNs of the year, with Taiwanese buyers out in front, pushing through several callable zeros.

    • 04 Jan 2013
  • Banks tipped for ECP duration extension

    Banks could push out their Euro-commercial paper tenors next week more than their sovereign, supranational and agency counterparts as investors look for yield and fresh cash flows into money market funds, according to dealers.

    • 04 Jan 2013
  • CRH mandates

    Caisse de Refinancement de L'Habitat (CRH) has mandated leads for the first covered bond deal of 2013, a 12 year benchmark.

    • 03 Jan 2013
  • ECBC Label effective?

    The ECBC’s new Label initiative became effective on January 1. It sets out minimum standards for transparency. However those standards fall short of investors’ requirements and Canada has already set the bar higher. The Label’s definition of a covered bond also excludes bonds that are likely to be less vulnerable to ratings volatility.

    • 03 Jan 2013
  • US money funds boost eurozone exposure but caution remains

    US money market funds increased their allocation to eurozone banks for the fifth month in a row in November 2012, but a rise in exposure via secured format could indicate a lingering risk aversion towards the currency bloc.

    • 03 Jan 2013
  • Early-announce pays off for BBVA as Spanish, French open 2013 FIG bond market

    Investors welcomed BBVA’s European FIG market reopening on Thursday with over €5bn of orders, driving a deal which “exceeded all our expectations”, the Spanish lender said. French borrowers BNP Paribas and Société Générale rounded out the trio of issuers opening Europe’s FIG bond markets for 2013 on Thursday, offering five and two year deals.

    • 03 Jan 2013
  • PSB to call $100m sub debt as bid for EM outweighs step-down

    Promsvyazbank will call its $100m subordinated 2018s on January 31, according to an investor relations official at the Russian bank, in spite of an imminent coupon step-down. Demand for emerging market debt is so strong that a new issue would be cheaper, although the bank has no urgent need for funding.

    • 03 Jan 2013
  • Nova KBM targets improved tier one capital ratio with exchange offering

    Nova Kreditna Banka Maribor launched an exchange offering in an effort to improve its tier one capital ratio at the end of last year as speculation mounted over the health of the Slovenian banking sector.

    • 03 Jan 2013
  • Europe close to interim solution for PONV as issuers eye up tier two

    New rules specifying how subordinated bonds and additional tier one instruments must be structured, including how to incorporate loss absorption at the point of non-viability (PONV), could be finalised as soon as February, the European parliament has said. Once agreed, the framework could be passed into law in the first half of the year — but bankers reckon that issuers will power ahead with new deals before then.

    • 03 Jan 2013
  • Middle Eastern banks pick up early EMTN and ECP deals

    Middle Eastern banks raced out of the blocks at the start of 2013, printing a trio of deals during the first two trading days of January.

    • 03 Jan 2013
  • ZKB bucks trend with short floating rate note

    Zürcher Kantonalbank brought the first FIG deal in Swiss francs of the year on Thursday morning, with a more conservative deal than observers had expected. The five year floater is a more defensive opening to the year than ZKB’s previous January outings, with long-dated fixed coupon bonds being the norm for the last three years.

    • 03 Jan 2013
  • Greek banks line up Cocos to cover PSI losses

    Greece’s four largest banks are set to sell contingent capital instruments to the Hellenic Financial Stability Fund to cover part of the losses from 2012’s Greek sovereign debt swap.

    • 02 Jan 2013
  • Banif plans recap with €450m public offer in H1

    Banco Internacional do Funchal, the Madeira-based bank, laid out its plans for a €1.1bn state-backed recapitalisation on New Year’s Eve, in a deal that will include a €450m public offer in the first half of the year.

    • 02 Jan 2013
  • BBVA mandates as other banks bide time

    BBVA mandated for a five year senior unsecured euro transaction on Wednesday afternoon. The deal announcement came as other European banks were lining up a range of transactions and indices moved tighter on Wednesday’s market open.

    • 02 Jan 2013
  • Russian ECP issuers set for bumper 2013

    Russian issuance of euro commercial paper is set to grow this year following a “fantastic” 2012 that saw a number of new credits enter the market and the adaptation of mature issuance strategies, dealers have said.

    • 02 Jan 2013
  • Banks make strong first day showing in EMTNs and ECP

    Bank issuers made a strong start to 2013 in privately placed euro medium term notes and euro commercial paper, printing a variety of deals on Wednesday. Dealers expected even more business later in the week.

    • 02 Jan 2013
  • CFF S&P AAA doubted as DexMA fortunes improve

    Two French covered bond issuers have very different outlooks for 2013, with Dexia Municipal Agency on an upward path, while Compagnie de Financement Foncier (CFF) faces rating uncertainty, which it hopes to resolve soon. Traders believe the spread differential for the two issuers is likely to converge this year and may even cross over.

    • 02 Jan 2013
  • Irish bank bailout debt restructuring likely, say market participants

    A restructuring of the €64bn that Ireland borrowed to bail out its banks would help the country’s growth, market participants say. The calls come after the International Monetary Fund said that “forceful delivery” of European pledges to break the feedback loop between banks and sovereigns would help Ireland’s market access.

    • 02 Jan 2013
  • Wheatcroft set for new syndicate head job

    Mark Wheatcroft, the former head of EMEA debt syndicate at UBS, will join Mizuho International in London in early February as head of debt syndicate, EuroWeek understands.

    • 02 Jan 2013

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%