Pre-migration untagged articles

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.

Standard & Poor’s is reviewing the assumptions and methodologies it applies when rating public sector-backed covered bonds, and those that inform cashflow analyses it carries out for covered bonds using its Covered Bond Monitor system.

European sovereigns, supranationals and agencies sold a torrent of commercial paper this week as central bank buyers returned after a break.

Issuers of six out of eight German mortgage Pfandbrief programmes that Fitch has had on negative review have provided the detailed information about commercial mortgages in their cover pools that the rating agency requested, while two have not yet done so.

Münchener Hypothekenbank on Monday priced a Eu125m tap of a June 2015 benchmark mortgage Pfandbrief at a re-offer level of 6bp through mid-swaps, believed to be the tightest pricing on a benchmark covered bond since the collapse of Lehman Brothers.

Gulf loans bankers welcomed the first fresh financial institution deal for nearly two years this week, after Bank of Sharjah signed a $150m one year deal. Commerzbank coordinated the club deal for the partially state-owned borrower. To find out what else is on the horizon, read EuroWeek on Friday.

Belarus this week tapped its debut sovereign bond for $400m, having placed the original deal only a fortnight ago. EuroWeek finds out whether demand was strong enough for a successful tap at this time of year, and if further EM bond supply is expected throughout August.

If and when US and European Union reforms force swaps through central clearing houses, sovereign, supranational or agency borrowers executing a new issue swap will have to follow Portugal’s recent lead and post collateral — a huge break with convention. Some banks claim this will cheapen up borrowing costs for SSAs. Is this true or will it push costs higher with banks the real winners? Will this powerful group of some of the highest quality credits — for whom dealers will move mountains to win business from — really have to pay, and if so, what will they pay with? EuroWeek on Friday investigates how tearing up the swap rule book will affect the SSA market.

The European Central Bank has criticised the conditions of a proposed waiver in CRD III allowing the senior tranches of self-originated mortgage-backed securities to be used as collateral for covered bonds, and suggested that any waiver not be extended beyond 2013. Read EuroWeek on Friday for more on the ECB’s opinion.

The next month looks like it will be busy as the LBO market heats up and bankers prepare to syndicate a full pipeline of deals. A Eu655m loan backing the buyout of Picard Surgelés, a £900m loan for RBS WorldPay and a Eu650m financing backing the Autobar buy-out are all set for syndication in September. Could these deals be a positive sign of more to come? Read the full story in EuroWeek on Friday.

Société Générale stood alone in the primary market this week, printing a Eu500m tap of a five year bond. Even though the Eu650m of demand for the deal showed investors are keen for fresh paper in the second week of August, other borrowers remain unconvinced. Turn to EuroWeek on Friday for analysis of how the market is ticking over through August, and what may be in store for September.