Pre-migration untagged articles

Société Générale’s results failed to benefit from a strong underlying performance in corporate and investment banking in the first quarter of 2009. Instead huge write-downs related to monoline insurers and the US real estate market led the bank to post a net loss of Eu278m for the first three months.

Commerzbank won EU approval for its bail-out by the German government on Thursday, and a sale of its Eurohypo unit was one of the conditions.

The European Central Bank surprised and delighted the covered bond market on Thursday by announcing that it would purchase as much as Eu60bn of covered bonds as part of its measures to support the eurozone financial system.

The Bank of England’s Asset Purchase Facility bought no commercial paper last week — the first time no issuers or investors have sold paper to the fund since the facility was launched on February 13.

Some of the market talk this week makes the bear market seems like a half remembered nightmare, so here’s some good old fashioned frightening.

Landesbank Baden-Württemberg has steadily increased its presence as a dealer in the private placement MTN market this year. But its credentials were given a further boost this week with it successfully placing a range of chunky dollar deals for a variety of issuers.

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.

Judging by the response of prices in the CDS market, the eagerly awaited results of the Federal Reserve stress tests represent the best news the US banks have had for a very long time.

Improved sentiment and higher rates resulted in bigger than expected issues in Swiss francs this week, but volatility meant conditions were still difficult and bankers are hopeful that next week will be even busier.

A spate of enquiries for two year floating rate notes grabbed the MTN market’s attention this week.

The Bank of England said on Friday it bought £50m of commercial paper in the week to May 7 through its asset purchase facility. The total CP held by the facility fell from £2.14bn the previous week to £2.015bn. Last week, the facility did not buy any CP, the first time no issuers or investors have sold paper to the fund since the facility was launched on February 13. The facility bought £125m of CP in the week closing April 23. It bought £76m in the last week of March, £50m in the first week of April and just £15m in the second week of April, before a surprise jump to £345m for the week ending April 16. As the APF approaches the three month mark, market participants are divided on whether the fund has had its day. Some believe that the market no longer needs it, while others believe that new issuers will make use of the cheap funding it offers.

Five of the German Landesbanks had their ratings cut by Standard and Poor’s this week, prompting an angry response from WestLB. Meanwhile Moody’s has downgraded HSH Nordbank’s Schiffspfandbriefe rating and lowered their Timely Payment Indicator.