Pre-migration untagged articles

Zurich Finance priced the first euro callable transaction for about a year this week, a Eu425m 30 year non call 10 via Calyon, Citi and JPMorgan. Although the structure had fallen out of favour due to extension risk, investors could not get enough of this issue. The deal attracted a Eu3bn book and priced at 390bp over mid-swaps, well inside the first price indications of 425bp over. What’s more, the issuer achieved a level a mere 40bp back of where it printed a six and a half year senior in April. To find out whether the deal paves the way for more callable transactions, read EuroWeek on Friday.

A spate of New Zealand dollar denominated private placements hit the market this week and more are anticipated over the next month driven by a high level of redemptions in the currency.

JPMorgan’s second quarter results were more impressive that its first quarter. So impressive that UniCredit’s analysts went mad.

Total reported purchases under the European Central Bank’s Eu60bn covered bond programme gained momentum after a slow start to hit Eu585m on Thursday, and the figure could grow quickly next week as more issues launched since the start of the programme settle.

French covered bonds issued outside the country’s obligations foncières legislation could be brought under a new, dedicated legal framework if a high-level initiative comes to fruition.

A Eu1.25bn four year covered bond for BNP Paribas on Thursday was the only new benchmark covered bond this week, although several issuers were said to have been circling the market.

The London Stock Exchange is considering building a trading platform for retail investors as momentum for reform of the sterling bond market grows.

Middle Eastern issuers turned to the private placement market this week as the National Bank of Abu Dhabi (NBAD) and Emirates Bank International both sold puttable floating rate notes.

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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

Ahorro Corporación Financiera is preparing an AyT Cédulas Cajas issue for launch next week that could be the biggest test of the covered bond market since the European Central Bank’s Eu60bn purchase programme was announced.

VTB Capital has placed a further $28.25m of ECP for Alrosa, Russia’s largest diamond company. The issue, which is VTB’s third for Alrosa, was placed with both international and local investors. The duration of the notes is six to 12 months.