Pre-migration untagged articles

The market stress from Italy’s general election has worn off steadily in the past week. CDS indices have made up their losses. Spanish government bond yields are tighter than before the election, while Italy’s are almost back to where they were a month ago and only 50bp wider than their recent lows.

No fewer than four financial institutions proved the senior unsecured bond market was open for business on Tuesday, raising €6.6bn-equivalent.

Venezuelan president Hugo Chavez’s death on Tuesday night is the dominant talking point in Latin American markets, with investors facing up to an uncertain leadership transition at a time when Venezuela faces big economic challenges.

The SSA market shows no sign of giving up its stellar form despite the setback of a rudderless Italy this week. The fact that nobody is in charge of the eurozone’s third largest economy, the world’s fourth largest bond market and, if you believe the naysayers, a country smack bang in the middle of the eurozone’s troubles.

Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days

An independent UK government committee led by Baroness Hogg has begun the hunt for a new organisation to co-ordinate Libor submissions and oversee the setting of the benchmark rate, to replace the British Bankers’ Association.

Exchange traded fund (ETF) newcomer FinEx ETF launched a Russian corporate bond fund on the London Stock Exchange on Monday. This is the firm’s first ETF.

Qatar National Bank (QNB) has received regulatory approval from Qatari and Egyptian authorities for its $2bn purchase of Société Générale’s entire stake in National Société Générale Bank Egypt.

The African Development Bank (AfDB) is adding Taiwanese life insurance companies to its investor base this year as rising swap levels make callable zeros from top supranationals a more palatable option for buyers.

• Bankers slam voters as uncertainty sparks volatility
• Borrowing costs sharply up at six month auction
• SSA issuance seen continuing but contagion fears rise

The inconclusive result of the Italian election appeared to have dealt a damaging blow to the recovery of Europe’s peripheral sovereign debt markets on Tuesday morning. But senior SSA bankers predicted that the ensuing uncertainty would not do too much to derail issuance in the sector, starting with Tuesday’s three year EFSF syndication.

Italian FIG paper flew wider on Tuesday morning after voters in the country's parliamentary elections on Sunday and Monday failed to elect a clear winner. Core European names were holding up well, but any anticipated opportunistic trades are off the table for now.

The Republic of Italy’s borrowing costs shot up at an auction on Tuesday, as investors digested the possibility of political deadlock resulting from the country’s general election over the past two days.