Pre-migration untagged articles

Instituto de Crédito Oficial sold several MTNs this week after closing last week with its first inflation-linked note, further demonstrating its flexibility and taking advantage of improved sentiment.

Unsecured bank creditors could be forced to take haircuts or swaps into equity when a bank runs into trouble, as a way to end government bailouts, the Bank of England’s Andrew Bailey said on Tuesday.

Dealers have struggled to meet investor yield targets for dollar callable zero coupon notes, and some investors have moved down the credit curve to pick up yield.

The Eurosystem bought more than 10% of all new issues eligible for the European Central Bank’s covered bond purchase programme (CBPP) during its duration, the ECB revealed this week.

Landesbank Baden-Württemberg priced the first Eurodollar benchmark covered bond in nearly three years this week, targeting European and Asian accounts with a $500m three year public sector-backed issue on Thursday afternoon.

Crédit Agricole got the first jumbo covered bond since the end of the European Central Bank’s buying programme away successfully this week. Monday’s deal also marked the market’s first Eu1bn-plus 15 year transaction in over a year.

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.

Landesbank Baden-Württemberg placed several Eu10m long 10 year floating rate covered bonds this week, leaving rival desks to wonder where the demand was coming from.

The covered bond market is awaiting its first test after the end of the European Central Bank’s purchase programme, with HSH Nordbank on Monday having priced the last sizeable new issue bought by eurozone central banks operating under the scheme.