Pre-migration untagged articles
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Euro-denominated deals for European issuers have helped Deutsche Bank leap from fourth to second in the third party MTN table.
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UBS has hired Jerome Peltier to be co-head of investment banking in France with Charles-Henri Le-Bret. He was previously co-head of global banking for Deutsche Bank in France. Bruno Hallak takes over as sole head of investment banking at Deutsche Bank in France.
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The pace of new covered bond issuance slowed this week, but issuers were still eager to take advantage of opportunities in anticipation of a possible worsening of market conditions.
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Covered bond issuers found success with longer dated deals launched in response to real money demand for higher yielding assets this week, as four deals of eight years or longer totalling Eu4.25bn made it the busiest week of the year at the long end.
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Credit Suisse has hired Nick Barker from UBS to become global head of eFX.
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Asian demand provided the only limited flows in the EMTN market this week as activity in the public market drew investor attention away from MTNs.
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National champion banks across the eurozone, including Spain, are still able to issue in large volumes, despite market uncertainty causing some investors to hold off from buying paper from second and third tier institutions. BBVA had already sold almost $2bn by Tuesday’s close. But market outstandings continue to drop as maturities are not rolled at 100%. Read EuroWeek to find out how well the European CP market is functioning, and for our report on this week’s Global ABS conference in London.
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The pace of covered bond supply has slowed after last week’s 12 deals of Eu500m or more but with three new such issues launched on Wednesday morning in addition to four already priced this week, issuers are still eager to access the market, despite tougher conditions. Euro jumbo issuance this year could breach Eu100bn by the end of Wednesday, depending on the outcome of deals launched by Danske Bank, Lloyds TSB, and Sparebank 1 Boligkreditt. Read EuroWeek on Friday for more on this week’s action in the covered bond market.
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Foreign financial issuers are coming back to Swiss francs after a month’s absence, and finding buyers willing to commit anything from Sfr100k to Sfr100m. Ultra-low rates make investors hungry for yield, but the Swiss market has already rejected some (unnamed) financial issuers. Who else has the guts to come to market this week? Find out in EuroWeek on Friday.