Pre-migration untagged articles

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.

Standard & Poor’s on Wednesday released a long-awaited revision to its criteria for assessing asset-liability mismatch risks for its covered bond ratings, but although the rating agency made welcome changes to its original proposals, many market participants — not just issuers, but also investors — were disappointed by the final result.

The UK Financial Services Authority on Thursday fined the London branch of Toronto Dominion Bank £7m for repeated systems and controls failings after a CDS trader was found to have mis-priced his book for two years. It’s the bank’s second fine for this type of offence and the fourth largest ever levied by the FSA.

Democrat and Republican members of the House Financial Services Committee (HFSC) welcomed an initiative to establish covered bond legislation during a full hearing on Tuesday, remarking on the contribution the asset class could make towards reviving and growing the US mortgage market without the need for costly government support.

SSA commercial paper trades were again popular this week as an attractive basis swap enabled euro-based issuers to attract dollar buyers, but issuance slowed from last week as the holiday season began to take hold.

The UK’s Financial Services Authority last Friday strengthened its stress testing regime by requiring firms to improve their stress testing capability, enhance their capital planning stress testing and by introducing a reverse stress testing requirement for firms.

BPCE on Thursday executed its first private placement after posting its first levels last week, a Eu20m 18 month FRN via Deutsche Bank.

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.

Infrequent triple-A issuers have been able to achieve tightening spreads in the European commercial paper market, thanks to a lack of supply from other borrowers and the rarity value of their own paper.

Zuger Kantonalbank issued a Sfr200m eight year bond on Monday as the domestic Swiss franc market latched on to a rare name in its traditional quiet period before year end.

Several financial institutions were able to sell vanilla MTNs in euros and dollars in fair size this week, despite many investors turning away from the market.

Canadian Imperial Bank of Commerce this week priced the first non-domestic currency Canadian covered bond of the year, a debut Sfr675m (Eu447m) two tranche Swiss franc issue whose novelty attracted interest from investors who had otherwise already closed their books for the year.