Pre-migration untagged articles

UBS launched the last of three three year benchmarks this week but still uncovered enough demand for the leads to size a Eu1.5bn deal on the back of a Eu2bn order book.

Even after one of the jumbo sector’s busiest ever days, the booming primary market for covered bonds should absorb another wave of at least four new benchmarks next week, bankers expect. Banco BPI, Barclays Bank, Crédit Mutuel-CIC and Nordea Hypotek launched a combined Eu5.5bn of deals yesterday (Thursday) on the heels of three new issues totalling Eu4.75bn on Tuesday.

Callable zeros, a structure popular during the first three quarters of 2009 and the only structure to be regularly traded in the aftermath of the collapse of Lehman Brothers, disappeared from the market in the last months of 2009.

More than 160 non-financial companies based in Europe have weighed in to try to convince regulators that proposed strict new regulations of over-the-counter derivatives are misguided.

Financial Guaranty Insurance Corp (FGIC), the monoline that was ordered to suspend claims payments in November, has filed a final proposed surplus restoration plan with the New York superintendent of insurance within its deadline of January 5.

The covered bond market this week got off to its busiest ever start to a year, with seven new benchmarks having been launched by Thursday, and, despite some complaints from investors, almost every issuer managed to achieve oversubscription and tight pricing.

KfW reopened the Kangaroo market this week when it issued a A$350m ($321m) increase of its 6.25% December 2019 bond via sole lead TD Securities. The hike brought the deal’s total size to A$650m.

Markit will open a second sovereign credit default swap index to trading in two weeks.

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.

The European Central Bank’s covered bond programme slowed between Christmas and the New Year, with only Eu86m of purchases reported in the first four days of this week.

The Swiss franc market reopened this week, with deals from a number of high quality names, and investors showing willingness to put their money to work.

Merck, Telefónica, and Fiat Finance & Trade sold private placements this week, as strong demand for corporates that has been present throughout 2009 continued to the year-end.