Pre-migration untagged articles
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The Republic of Italy sold a Eu300m four year fixed rate note via Morgan Stanley on Friday, its first MTN since a Eu500m inflation-linked note in February 2008, according to Dealogic data.
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Dexia Kommunalbank priced a Eu1bn five year public sector Pfandbrief on Tuesday, one of three jumbos to hit the market in a week that took issuance since the European Central Bank’s announcement of a Eu60bn covered bond purchase plan on 7 May above that of the first four months of the year combined.
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Swiss packaging company Bobst raised Sfr250m through a six year deal on Tuesday that was well received, even if its shares were suspended immediately afterwards.
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Erste Group Bank priced its debut benchmark on Wednesday, a Eu1bn seven year Pfandbrief that is also the first mortgage-backed Austrian jumbo.
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Banesto this week priced a Eu1bn four year cédulas hipotecarias issue, the third of a quick succession of Spanish jumbos to hit the market since the European Central Bank announcement three weeks ago.
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The UK’s Financial Services Authority unexpectedly released the outline parameters of the bank stress tests it introduced in January, revealing what seems to be a considerably tougher regime than in the US.
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Several Southern and Western European regional issuers have sent out requests for proposals (RFP) to MTN desks this week. Some already have MTN programmes in place while others are setting them up.
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Ten year dollar swap spreads widened this week as 10 year US Treasuries hit a high yield of 3.74% and convexity hedgers flooded into the swap market to shed duration.
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Eurex Bonds will begin a pilot phase of daily auctions for covered bonds on July 20 in a bid to improve liquidity and price transparency in the market.
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Callable zero trades remained popular in the private placement market this week. KfW in particular cashed in on demand placing 15 trades in the structure since last Friday.
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HSH Nordbank shareholders unanimously approved a capital injection of Eu3bn in an extraordinary general meeting on Wednesday. The bank will receive fresh money from the states of Schleswig-Holstein and Hamburg, lifting their stakes to around 85%.
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ING on Tuesday priced the first new benchmark under the Netherlands’ covered bond legislation, a Eu1.25bn deal that also came with the first 10 year maturity since the market burst back into life last week.