Pre-migration untagged articles

Smit Acharya, a director on the MTN desk at Crédit Agricole CIB, has resigned to take up another MTN role at an undisclosed bank. At Crédit Agricole Acharya reported to Ben Lamberg, head of MTNs.

Table commentary HSBC leapt to the top of the dealer table of private EMTNs this week from third place, after deals in several currencies this month for Commonwealth Bank of Australia, DnB Nor, the European Bank for Reconstruction and Development, Svensk Exportkredit and The Inter-American Development Bank.

Investors in the European commercial paper market returned from the Easter break ready to put cash to work, taking sales to $49.7bn equivalent, a steep rise from the $38bn of a week earlier, according to Dealogic data.

Russia’s Nomos Bank, Hungary’s MOL and Dubai Water and Electricity Co are all on the road this week, and South Africa’s First Rand Bank embarks upon its investors meetings next week. Read EuroWeek to find out which other EM names will try to tap the market and whether there is appetite for them all.

Porsche’s operating subsidiary has signed a Eu2.5bn revolver, refinancing a loan arranged late last year as the existing lending banks reduce their exposure. The two year plus one year revolver, which pays an initial margin of 250bp, has been well received by banks, who were not dissuaded from participating following Porsche’s holding company’s speedy execution of its Eu8.5bn loan last year after the failed takeover attempt of Volkswagen. To find out more about this deal and what else is on in the market this week, read EuroWeek this Friday.

Greece and its on-again, off-again bail-out plans have sent its most recent Eu5bn seven year deal to widen by 90bp this week and the whole Greek curve is out — by some 40bp in 10 years and 140bp in twos. Amid the carnage, a 10 year global from Province of Ontario is the only post-Easter primary issue in the sovereign, supranational and agency sector so far this week. The book is around $2bn at guidance of mid-swaps plus low 50bps, say lead managers Bank of America Merrill Lynch, Deutsche Bank, JPMorgan and RBC, and the deal will price this afternoon. Read EuroWeek on Friday for Ontario coverage and further news and views on the Greek saga.

Insurer PZU is launching a Warsaw listing worth up to $1.9bn in what will be one of the largest IPOs in Europe this year. It comes as the Polish market is set for a number of large floats, including a $1.8bn IPO by utility Tauron. The companies are hoping for strong demand from local pension funds, but will international investors also show an interest? Read EuroWeek on Friday.

Four issuers are in the euro benchmark covered bond market today, despite a short working week and reduced investor availability due to the Easter holidays, to get the second quarter off to a busy start. Danske Bank and Société Générale SCF have launched eight year issues, Sweden’s Stadshypotek is out with a five year deal and Banco Pastor has reopened two transactions. Meanwhile, Italy’s Intesa Sanpaolo is today starting a roadshow of its public sector covered bond programme. Read EuroWeek this Friday for more on this week’s activity.

Royal Bank of Scotland gave details of the pricing and priority waterfall for its £17.6bn liability management exercise this week, with investors split over its attractiveness. For subordinated debt holders, this will be the chance to exit the bank’s debt ahead of the European Commission’s clampdown on coupon payments. To find out what investors think of the deal, read EuroWeek on Friday.

Sanofi-aventis looked set to better its own pricing record on Wednesday with a tap of an outstanding 3.125% 2014 bond. That issue, which originally stood at Eu700m, was priced in September last year at 45bp over mid-swaps, the tightest level any corporate borrower in Europe had achieved since Lehman Brothers’ collapse. But today’s tap of Eu500m is likely to be priced inside those levels, at mid-swaps plus 20bp. Read EuroWeek on Friday for more on this deal and the latest new issues for French property group Klépierre and cement group Lafarge.

Swedbank Mortgage issued a three year covered bond last Friday (March 26), which may mark the last in a long string of Scandinavian issuers coming to the Swiss market.

UBS brought benchmark covered bond issuance in the first quarter of 2010 to a close with a Eu1.25bn 12 year issue, the biggest deal in the long maturity this year.