Pre-migration untagged articles

E.On has launched a 364 rollover deal, but is only looking to refinance Eu4bn of its Eu7.5bn facility. The German utility, which has raised Eu8.1bn through bonds this year, is decreasing the facility as its funding needs have fallen. To find out how the market has reacted to the reduced deal, read EuroWeek this Friday.

The equity-linked market has overcome last week’s hiccup, allowing mail equipment firm Neopost and broadcaster ITV to price convertible bonds at tight levels, raising Eu261m and £135m respectively. Neopost signals that appetite is back for unrated issuers, after FCC was forced to reprice its convertible last week. Will unrated issuers stay popular? Turn to EuroWeek on Friday.

Europe’s IPO market is getting into full swing with Polish energy business PGE setting a price range for its privatisation IPO that may raise up to $2bn, making it Europe’s largest listing this year. Elsewhere, Merlin Entertainment and United Biscuits plan to list shares in private equity spin-offs. Is Europe headed for an IPO rush? Read EuroWeek on Friday.

With European Commission proposals due later this month, many borrowers are concerned about regulators pushing for the standardisation of OTC derivatives. But a recent draft bill in the US provides a positive sign that there may be concessions for non-financial issuers. Read EuroWeek this Friday to find out why borrowers are worried.

Huge demand for dollar SSA product has driven deals from KfW, Inter-American Development Bank, Asfinag and Nederlandse Waterschapsbank this week. The book for KfW’s five year is over $3bn and IADB’s three year is over $2.5bn — both will price later in the day at mid-swaps plus 7bp and less 10bp respectively. Asfinag and NWB priced $1.25bn and $1bn of three year issues yesterday at plus 15bp and plus 20bp. In euros, strong demand for 15 year assets encouraged the Republic of Finland to issue its first ever 15 year bond. The Eu3bn deal attracted over Eu6bn of demand from more than 160 investors despite pricing only 4bp back of Finland’s 2019 benchmark. Read EuroWeek on Friday for coverage of all the week’s transactions.

Australia’s Westpac Banking Corp and Anglo-South African Old Mutual issued a 10 year and a seven year bond in the sterling market this week, following hot on the heels of Coventry Building Society. The deals heralded a revival of the sterling market. Will market sentiment remain positive? Read EuroWeek on Friday.

Citigroup’s largest individual investor, Prince Alwaleed bin Talal, this week launched a vigorous defence of the bank and other institutions that are "too big to fail", amid calls for systemically risky banks to be split up.

Holders of CDS contracts in Thomson, the French electronics firm, now know what bonds and loans will be deliverable to settle the restructuring credit event, but in many ways their problems are only just beginning.

Some dealers reported a flurry of buyback requests this week in particular for notes sold around a year ago for double-A rated financial institutions such as Svensk Exportkredit, Royal Bank of Scotland, BNP Paribas and UBS.

Swiss food company Hero has issued the first corporate hybrid capital bond in Europe since 2007, reviving a product that was once hailed as the cutting edge of debt capital markets but was wiped from the market by the financial crisis.

The World Bank priced a dual tranche Kangaroo bond totalling A$1.4bn on Wednesday — the biggest ever single Kangaroo transaction by a sovereign, supranational and agency borrower.

Kuoni Reisen Holding issued its debut straight bond on Monday as Swiss investors continued their search for yield. The Sfr200m transaction, led by UBS, was a four year deal priced at 162bp over mid- swaps.