Pre-migration untagged articles

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Canadian Imperial Bank of Commerce sold the first US-targeted benchmark covered bond in two-and-a-half years this week, a $2bn three year transaction that attracted more than $4bn of orders.

Reported purchases under the European Central Bank’s covered bond programme rose by Eu1.123bn in the first four days of this week, putting the ECB back above an assumed target path for the first time since the beginning of the month.

GCE Covered Bonds this week priced a Eu1.25bn three year issue, its second benchmark covered bond and first as part of the BPCE group.

Swedish Covered Bond Corporation took advantage of limited supply in the primary market this week, with many other issuers in blackout periods, to price a Eu1bn five year issue at the tight end of revised guidance.

The emerging market pipeline is busy, with sovereign, corporate and financial borrowers around the world preparing to tap the market. How will investors greet the year’s first offerings from Russian and Middle Eastern issuers? Turn to EuroWeek this Friday for the details.

Heavily oversubscribed deals for French engineering company Alstom and telecoms group Bouygues gave Europe’s corporate bond market a lift this week, after a less than stellar start to the year, marked by a series of poorly performing deals. Alstom’s deal was one of the first of 2010 to come with a new issue premium — of about 10bp — which proved to be a winning formula. Get all the reactions to these deals in EuroWeek on Friday.

CIBC is today (Wednesday) pricing the first benchmark covered bond to be targeted at US investors since mid-2007, a $2bn three year transaction. With orders said to total some $4bn, the deal is encouraging for other non-US issuers keen to raise funding in the US. Read EuroWeek on Friday for full coverage of the transaction and what it means for covered bonds in the US.

Goldman Sachs and JPMorgan are set to profit most from the wave of IPOs coming to European markets. Goldman is working on 11 stock market floats in Europe, while JPMorgan is said to be working on eight deals. EuroWeek on Friday will provide an overview of all mandates awarded to the banks.

EIB opted for three year dollars when many had expected a 10 year and printed $3.5bn at mid-swaps less 3bp. JBIC meanwhile had to up its pricing by a couple of basis points for its $1.25bn five year as Standard & Poor’s placed Japan on negative watch.

Market participants praised Fortis Bank Nederland for approaching the market in the right manner this week. The issuer’s inaugural dual tranche Eu4bn two and five year issue tightened in the secondary market having received more than Eu6bn of orders. For a full account of the transaction, read EuroWeek this week.

The bond market will have to wait another week before the first capital trade of the year gets done in the euro market. La Caixa has pulled its lower tier two 10 year bullet transaction having run out of time before going into earnings black-out. However, market participants said the deal was always going to struggle as the issuer’s pricing ambitions were too aggressive. For the full story on the deal, read EuroWeek on Friday.