Pre-migration untagged articles

Lloyds TSB Bank is set to price a new five year euro benchmark on Wednesday and participants hope that the deal will be the opening salvo for a busy September in the senior market. To find out how the deal is received at the whisper of 200bp area over mid-swaps and whether more issuers are going to opt for the senior route, read EuroWeek on Friday.

Loans bankers expect to see a flurry of M&A activity in the market in the final months of the year as companies take confidence from the success of facilities backing acquisitions for BHP Billiton and Sanofi-aventis. A $45bn loan backing BHP’s bid for PotashCorp has proved popular with lenders, while market participants expect Sanofi-aventis to be able to secure aggressive terms on its financing backing its offer for Genzyme. To find out more, read EuroWeek on Friday.

The benchmark covered bond market remains in full swing with four issuers on Wednesday announcing plans to launch deals, after Banco Popular Español and Italy’s UniCredit on Tuesday kicked off this week’s primary market activity. Royal Bank of Scotland, Banca Carige and Banco Sabadell are in the market today, with France’s CM-CIC also geared to launch a new issue. Read EuroWeek on Friday to find out how the market holds up under increasing supply.

Familiar issuers have returned to the securitisation market in force, as Obvion, Santander and Volkswagen Financial Services are all touting deals to investors this week. Read EuroWeek on Friday to find out how investors respond to the renewed supply.

Scottish & Southern Energy will begin a roadshow in London on Wednesday for what could be the first of several hybrid corporate bonds from European companies before the end of the year. The borrower, having mandated BarCap, BNPP, Credit Suisse and RBS as bookrunners, is visiting Edinburgh, Amsterdam and Zurich before finishing in Frankfurt next Tuesday. SSE could, depending on feedback, issued in euros and sterling. Read more on Friday.

Credit Suisse (Sydney) and Bank of America Corp issued another A$1.8bn in the last two days of August, bringing offshore bank finance in the market to A$7.5bn — its highest level for four years. But will the financing flows continue with the end of the European summer season, and will Australian dollar investors ever get the chance to buy some corporates? Read EuroWeek on Friday to find out.

ING Bank launched the first Eu1bn-plus covered bond issue of the autumn season on Monday, getting the market off to a positive start with a Eu2bn five year benchmark that attracted an order book of Eu2.4bn comprising 123 accounts.

DnB Nor Boligkreditt priced a Eu1.5bn seven year covered bond on Tuesday despite investors showing a reluctance to invest in fixed income products as yields compressed to record lows.

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.

Sales of puttable floating rate notes were this week enlivened by several rare names issuing the product. Puttable floaters are popular with money market investors but always with issuers concerned about liquidity risk.

Terra BoligKreditt launched the first Eu500m-plus covered bond since July 19 last Friday (August 20), a Eu500m five year deal that was a sequel to a Eu500m deal the Norwegian issuer sold in March.

Banesto topped out a post-holiday reopening of the covered bond market with a Eu600m five year cédulas hipotecarias on Thursday, as eight issuers issued Eu500m or more in the first benchmark activity since mid-July.