Pre-migration untagged articles
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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.
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The three main rating agencies, as well as IKB Deutsche Industriebank, are being sued by King County, Washington over IKB’s Rhinebridge structured investment vehicle.
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Pfandbriefbank schweizerischer Hypothekarinstitute this week raised Sfr980m (Eu649m) in the Swiss franc market through a three tranche issue.
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Niche currency MTN trades were again popular this week as investors seeking better yields chose currency risk over credit risk. Most of the deals were sold by highly-rated SSAs.
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Abbey National Treasury Services was the only issuer to venture into the covered bond market this week, with a Eu1.75bn seven year deal, as a softer tone to credit markets and last week’s record amount of jumbos weighed on spreads.
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Enquiry for covered bonds has gained momentum as investors still anxious to avoid senior unsecured financial institution risk look to these notes to provide a pick-up over super-tight sovereign, supranational and agency levels.
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The German government guarantee scheme, Sonderfonds Finanzmarktstabilisierung (SoFFin), has been extended to allow banks to issue guaranteed bonds up to the end of 2010 and in maturities up to the end of 2015. The cost of using the guarantee and the amount allocated to its use — Eu400bn — remains the same.
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Standard Bank Group merged its Russian operations with Troika Dialog Group this week, following regulatory approval of the partnership first announced in March.
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Financial issuers this week proved that they hold the chips in the European commercial paper market, as the European Central Bank’s auction of unlimited funds received surprisingly few bids.
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UBS made an impressive debut in the covered bond market this week, gathering over Eu7bn of orders in less than half an hour for a Eu2bn five year issue that was the first benchmark Swiss covered bond in euros.
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BMW sold a A$250m four year bond via RBC Capital Markets on Wednesday, attracting demand from asset managers and private banks in Europe and Asia enticed by the 7.25% coupon.