Pre-migration untagged articles
-
The European Atomic Energy Community (Euratom) represented by the Commission of the European Communities sold a $10.335m eight year amortising FRN via Morgan Stanley today. The par-priced deal pays 45bp over 12 month dollar Libor, and capital repayments will be made in eight equal annual instalments of $1,291,875.
-
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.
-
Barclays Bank reopened the UK covered bond market with the first issue in almost two years on Tuesday, an inaugural Eu2bn 10 year deal showing that investors are open to UK names, and at tighter levels than expected.
-
The Export-Import Bank of Korea (Kexim) priced its largest ever Swiss franc issue this week as investors were tempted down the credit curve in their search for yield. The Sfr500m three year issue led by Royal Bank of Scotland and UBS priced at 140bp over mid-swaps.
-
Eight new benchmarks totalling Eu11bn propelled the covered bond market past a series of records and milestones this week. But even in the midst of its busiest ever period there were signs that the asset class is now entering a calmer phase.
-
A draft US law that suggests making all nationally recognised statistical rating organisations jointly financially liable provoked strong reactions this week
-
Issuer’s spreads in the European commercial paper market were this week being driven by basis swap volatility, particularly in the SSA sector, creating uncertainty for market participants. In particular, the swap is making the US market more attractive for euro-based borrowers.
-
Leading covered bond investors expressed fears that the covered bond market is overheating as issuers this week launched deals at ever tighter levels despite supply reaching levels rarely reached in the history of the market.
-
Lightly structured notes were again in demand this week as investors continued to seek higher yields while staying away from credit risk. RMS, CMS callable zeros and equity linked notes were again popular.