Pre-migration untagged articles

Fitch withdrew its ratings on 1,950 structured notes this week, completing an update of financial institutions market-linked securities after saying in May that would stop coverage of principal-at-risk notes.

Generalitat de Catalunya made its European commercial paper debut this week with a handful of issues under a new programme that it signed in late July.

Dealers of private EMTNs: Non-syndicated deals for less than $250m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of less than 365 days

MTN investors turned to light structures and floating rate notes this week in a bid to enhance returns or escape being trapped in low-yielding fixed rate paper. Flexible issuers were able to capitalise on the demand.

Spanish borrowers began shedding contagion from the eurozone debt crisis this week as even second tier banks managed to get Eu1bn covered bonds away, while one of the country’s national champions completed a senior unsecured benchmark of the same size.

Royal Bank of Scotland priced the biggest benchmark covered bond of the week, a Eu1.5bn five year issue, on the back of strong demand for its second foray into the market.

UniCredit priced the first Italian covered bond benchmark since June this week, a Eu1.25bn five year deal, and Banca Carige was quick to follow its compatriot into the obbligazioni bancarie garantite market.

Renminbi deposits in Hong Kong rose by 15.6% in July, cheering bankers hoping to profit from the growing renminbi business in the special administrative region.

Lloyds launched a tap of its debut Swiss franc transaction on Tuesday, taking the total bond to a record Sfr800m. RBS swiftly followed, launching a deal at the same maturity on Wednesday, but syndicate bankers said it could struggle to attract the same size. Read EuroWeek on Friday to find out what Swiss investors like about British state-owned banks.

A broad range of issuers including tyre maker Continental, engineering group Abengoa, investment firm Wendel and gambling group Gala Coral are set to hit the high yield market in the coming months. New issues will meet strong investor demand after seven consecutive weeks of inflows into high yield funds, according to UniCredit research. Turn to EuroWeek on Friday for the latest on all deals to come to market.

A KSh1.6bn ($20m) loan for Kenya’s largest sugar producer, Mumias Sugar, has been backed by both Kenyan and international banks. Half of the funding will be taken in Kenyan shillings and half in US dollars, with the facility used by Mumias for the development of an ethanol plant. To find out more about the deal, read EuroWeek this Friday.

The leveraged loan market is heating up as bankers prepare for the upcoming syndication flurry from the likes of Picard Surgelés, RBS WorldPay and Autobar, all expected this month. Meanwhile, Europcar, supporting the growing trend for a two-pronged approach to refinancing, came back to market this week with a Eu1.3bn senior asset-backed revolver after issuing a Eu250m senior secured bond in June. Read EuroWeek on Friday to find out more about upcoming deals.