Pre-migration untagged articles

The Swiss market continued to offer good swap rates to international issuers this week as America Movil debuted, Electricité de France issued the second biggest deal by a foreign company this year and the Republic of Poland issued its first Swiss franc deal of the year.

New covered bond issues from SpareBank 1 Boligkreditt and Terra Boligkreditt met strong demand this week. Investors’ appetite for Norwegian collateral allowed the borrowers to price their deals at the tight end of revised guidance.

At the end of what has been a lively week for the European FIG DCM community with the departure of two well known BofA Merrill bankers, EuroWeek understands that Vinod Vasan has quit UBS. Vasan, who was running the Swiss bank's European FIG DCM franchise, is heading to Deutsche Bank.

Lloyds TSB priced its first Regulated Covered Bond inside the secondary curve of group member HBOS Treasury Services this week, with Abbey National Treasury Services following it into the market to mark a mini-revival of UK issuance.

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.

Royal Bank of Canada sold an C$850m (Eu606m/$826m) five year covered bond this week, which is only the second domestic Canadian issue and came just days after plans to introduce legislation were revealed in the country’s budget.

European commercial paper investors continued to seek out sovereign, supranational and agency debt this week as risk aversion stayed high over Greece’s deficit and debt troubles. Around $11.2bn equivalent of sovereign paper traded, up slightly on last week’s $11.0bn, while supranationals reached $1.5bn from $1.2bn.

Cable TV firm KDG and credit card insurer CPP are using decoupled structures for their respective Eu750m and £200m IPOs. It allows them to hold back with a price range and shows both firms are treading carefully because investors are extremely price sensitive. Can the strategy help KDG and CPP to woo investors? Read EuroWeek on Friday.

A wave of supply hit the European corporate bond market this week, with Telefónica, Deutsche Telekom, and utilities like Energias de Portugal and Iberdrola leading the way. Borrowers have even been able to get away with slim new issue premiums, and there is no sign of deal flow abating.