Pre-migration untagged articles
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Sales of commercial paper to the Bank of England’s Asset Purchase Facility totalled £458m in the week ending June 18, the Bank said. The total held by the fund increased from £2.066bn last week to £2.1bn. The facility’s total had last week fallen from £2.13bn a week earlier, despite it buying £458m. Out standings had also fallen the previous week, from £2.293bn. This indicates that at least some of this week’s issues were new and they were not all rolls of maturing paper. The fund passed the three month mark last month and the three month maturity requirement was dropped in late April to allow purchases of CP with maturities between one week and three months.
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Republican congressman Scott Garrett and Democratic congressman Paul Kanjorski put forward legislation aimed at supporting the development of covered bonds in the US on Tuesday, the "Equal Treatment For Covered Bonds Act".
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Corporate issuers benefited as spreads in the European commercial paper market tightened and maturities got longer this week. But with so few companies needing funding at the moment, investors were left wanting more.
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It has been quite a year. A year to remember, but not to repeat,” said Mervyn King, governor of the Bank of England in a speech to bankers at Mansion House on Wednesday night.
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The volume of SSA and government guaranteed bank trades was again low this week as investors turned their backs on the tight spreads now offered by these issuers.
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No new jumbo covered bonds were launched this week for the first time since the European Central Bank’s Eu60bn purchase programme was announced, and market participants appeared divided over the receptiveness of the primary market to supply.
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Troika Dialog acted as the arranger on a R15bn one year commercial paper programme for Lukoil, which closed on Thursday.
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Moody’s on Tuesday downgraded two cédulas hipotecarias and two cédulas territoriales programmes, and affirmed the Aaa ratings of three cédulas territoriales programmes.
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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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Barclays Bank self-placed a trio of four year stairway floating rate notes at the end of last month. The deal is seen by some dealers as representing a revival of the structured note market.