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.

Bankinter added Eu400m to a Eu1bn cédulas hipotecarias issue on Monday at a record high spread, pricing the first Spanish bank supply after the results of European bank stress tests were announced last Friday (July 23).

Deutsche Bank posted a better-than-expected profit of Eu1.2bn for the second quarter of the year on Tuesday, despite, like most of its peers, recording a slump in sales and trading and origination revenues compared to the same period in 2009.

The European Central Bank is moving structured covered bonds from category IV to III of its collateral framework, meaning that they will have more lenient haircuts.

There was better sentiment in the EMTN market this week, but flows were limited as investors focused on the busy public market.

Denmark’s adjustable rate mortgage market has won a stay of execution as a result of the Basel Committee delaying full implementation of the Net Stable Funding Ratio until 2018, and the committee’s willingness to change its position on matched funding of liabilities of less than one year.

Réseau Ferré de France and Caisse des Dépôts et Consignations both sold unusual deals this week, as the former issued a pair of Eu100m 10 year FRNs and the latter issued a Eu100m rate-linked deal.

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.

Toronto-Dominion launched its debut covered bond issue on Thursday, selling a $2bn dollar benchmark a week after Bank of Nova Scotia debuted with a $2.5bn issue.

Agencies are taking advantage of the duration they can offer the Kangaroo market. IFC priced a A$500m ($439m) 10 year on Wednesday, and EIB will issue a new 10 year line later this week. The World Bank re-opened the Kauri market on Wednesday — the last SSA deal was in March. Will agencies get their funding done in the southern hemisphere while Europe heads to the beach? Read EuroWeek on Friday to find out more.

Italian carmaker Fiat will take up to Eu4bn of loans to back the demerger of its truck and heavy goods vehicles business — welcome relief to a market crying out for new paper deals. Barclays Capital, BNP Paribas, Citi, Crédit Agricole, IntesaSanpaolo, Société Générale, Royal Bank of Scotland and UniCredit have supported the revolver and term loan. To find out more, read EuroWeek this Friday.

Cegedim, the French healthcare software company is back in the market this week with Eu300m of five year bonds after a failed attempt to issue the notes without high yield covenants in May. Cegedim is one of the many deals tapping the market this week alongside those from DFS Furniture Holdings, DSG International and a potential transaction from Codere. To find out what investors think about Cegedim and the other deals in the market, read EuroWeek on Friday.