Pre-migration untagged articles
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France’s Crédit Mutuel Arkéa spearheaded a consolidation of last week’s reopening of the covered bond market with an inaugural deal on Tuesday, and subsequent supply from four other issuers in euros and dollars made this week the asset class’s busiest since the middle of April.
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Caja Madrid became only the second issuer to have its covered bonds upgraded by Standard & Poor’s upon implementation of the rating agency’s new methodology on Wednesday, when its cédulas hipotecarias were lifted by two notches from AA to AAA, on stable outlook.
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The European Central Bank came under fire this week for a lack of transparency in its sovereign bonds purchase programme — which is now being viewed by many bankers and analysts as creating dislocation in the government bond markets when only three weeks ago it was heralded as its saviour.
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A promising rise in enquiry at the end of last week was beaten down as Moody’s downgraded the Kingdom of Spain on Friday, battering fragile investor confidence sidelining European investors.
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Persistent Asian demand for structured dollar notes has helped Credit Suisse to take the top spot on the third party MTN table from JPMorgan.
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Standard & Poor’s downgraded Bank of America’s covered bonds from AAA to AA, negative outlook, on Wednesday following a review of the programme under the rating agency’s revised criteria, because of insufficient credit enhancement.
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Germany this week shocked financial markets by dramatically extending its ban on naked short selling, prompting a new wave of criticism at home and abroad.
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GCE Covered Bonds priced the first covered bond of Eu1bn or more in five weeks on Thursday afternoon, a four year issue at 40bp over mid-swaps that one banker described as "a first glimmer of hope".