Pre-migration untagged articles

The German cabinet approved draft legislation to shift assets from Germany’s Landesbanks on Wednesday after the owners agreed at the end of last week to restructure.

The UK’s Financial Services Authority declared independent fund firm Keydata Investment Services insolvent on Monday and placed it into administration.

Eurodollar investors are showing a healthy appetite this week, with new deals from BP and E.On, after the sector-opening trades from BMW and Unilever at the start of the month. There had been fears that the market lacked depth, but after BP priced $325m on Monday, E.On will today issue a three year bond, expected to be $300m, through Morgan Stanley and UBS. Will there be more? Read EuroWeek on Friday.

A huge oversubscription for the Kingdom of Bahrain’s $750m sukuk this week allayed fears of investor fatigue for Middle East bonds. The sukuk was priced at 340bp over Treasuries, the tight end of price guidance. Read EuroWeek to find out what else is in the pipeline for this region.

Government guaranteed bonds from banks have made a return this week after a month without public euro issuance, as Unicaja, CEAMI (the vehicle borrowing on behalf of the smaller Spanish savings banks) and HSH Finanzfonds all issued. Absence has clearly made the heart of investors grow fonder and spreads have tightened in dramatically since the last wave of deals. How is the balance between standalone and supported issuance changing? Read EuroWeek on Friday.

KfW has finally taken the plunge into 10 year dollars after two weeks of debate, becoming the first SSA to test investor appetite for long dated dollars since September. Ontario meanwhile chose the five year tenor for its latest fund raising — the largest ever provincial Canadian deal. The highlight of next week will be the UK’s syndicated 25 year issue. The £3bn-£5bn transaction, to be led by Barclays Capital, Goldman Sachs, HSBC and Royal Bank of Scotland, will be marketed at a premium over the 2032 Gilt. Read EuroWeek on Friday for initial feedback on the UK’s enterprise.

Charterhouse is in exclusive talks about a £550m secondary buyout of Wood Mackenzie, the UK energy research company, from Candover. Wood Mackenzie’s existing banks, which include Bank of Ireland, Barclays Capital and Lloyds Banking Group, are expected to be asked to roll over their existing commitments, although new lenders would also be sought. The acquisition, which will reportedly have a 50% equity cheque, would mark the UK’s biggest buy-out of 2009. Read more on Friday about Charterhouse’s prospects of raising debt.

Smurfit Kappa, the Irish packaging group, has asked its lenders to agree to an amendment to its senior facilities, including increasing the headroom on its leverage and interest cover covenants. Among the incentives offered are a consent fee of 75bp, and an increase in margins of between 125bp to 150bp. Smurfit says many of its lenders have already pledged support to the changes, but read EuroWeek on Friday for the full reaction to the latest amendment to hit the leveraged loan market.

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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