Pre-migration untagged articles

Russia’s loan market will end the year with a flourish after Bank of Moscow launched a deal this morning via Barclays Capital, Calyon, Credit Suisse, Goldman Sachs, ING and WestLB. It followed Vnesheconombank which sent lenders final pricing terms on Monday for a tiered club deal, possibly as big as $1bn, to be signed in the next few weeks.

Bank issuers have increased the size of their deals this week as investors piled into their transactions. National Australia Bank and Banco Espirito Santo respectively priced a Eu2bn fixed and Eu1bn FRN that were heavily oversubscribed. Lloyds Banking Group will add to supply on Wednesday when it prices a new three year benchmark. Find out what is making the market tick, by reading EuroWeek on Friday.

Landesbank Berlin issued a Eu500m 10 year bullet lower tier two transaction on Tuesday, which was priced at the wide end of the guidance. Read about investor reaction to the first lower tier two deal from a German issuer in two years in Friday’s EuroWeek.

Bankers had to prepare investors well for the £230m convertible of telecoms business Cable & Wireless this week. The structure was one of the equity-linked market’s most complicated but the prepatory work paid off with the bonds priced below the indicated coupon range and the greenshoe option exercised. Read more in EuroWeek on Friday.

Danske Bank has launched a 10 year benchmark covered bond marketed at 65bp over mid-swaps. Its third euro benchmark this year, follows sub-Eu1bn transactions for Westdeutsche Immobilienbank and Ibercaja (Caja de Ahorros y Monte de Piedad de Zaragoza, Aragón y Rioja). WestImmo priced a Eu500m three and half year mortgage Pfandbrief at 23bp over mid-swaps on Monday, ahead of next week’s redemption of its only outstanding jumbo. Ibercaja sold a Eu500m five year cédulas issue at 65bp over mid-swaps on Tuesday. Read EuroWeek this Friday for more on this week’s deals.

Europe’s securitisation market has had some valuable indicators of the sustainability of the rally in secondary spreads this week. Tender results for Grand have been announced, while a large bid list of Lehman Brothers’ European Central Bank collateral has been circulating. Read EuroWeek on Friday to find out how they fared

Liechtenstein’s LGT Finance, the private banking and wealth management firm, delighted Swiss investors when it returned to the market only two months after its previous deal, issuing Sfr300m ($298m) seven year bonds.

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

Swedish Covered Bond Corp on Tuesday issued a Sfr275m June 2016 deal in a rare appearance in the Swiss franc market, which was also the first public covered bond for a foreign issuer in the currency for four weeks.

Pharmaceutical company Merck sold a Eu60m seven year domestic German fixed rate note via Landesbank Baden-Württemberg on Tuesday, the issuer’s first ever MTN. The par-priced deal pays a 4% coupon.

Dexia Crédit Local took advantage of the persistent enquiry for inflation-linked bonds this week printing a Eu50m five year inflation-linked bond via BNP Paribas. The note pays an undisclosed fixed coupon for the first two years and a coupon linked to the harmonised index of consumer prices (HICP) in the European Union, floored at 0, thereafter.

The Eurosystem could hold its covered bond portfolio to maturity after it completes its Eu60bn purchase programme at the end of June 2010, José Manuel González-Páramo, member of the governing council of the European Central Bank, said last Friday.