Pre-migration untagged articles

Germany’s debt-laden HeidelbergCement releases its eagerly-awaited first quarter results tomorrow and is set to provide more details on its attempts to restructure Eu9bn of loans. HeidelbergCement, a fallen angel rated B1/B-/B, is reportedly seeking to secure a Eu600m bridge loan by next Thursday and hopes to complete a broader restructuring within a few weeks. Read EuroWeek on Friday for bankers views on the borrower’s chances of success.

This week is shaping up to be a decisive one in the future of securitisation regulation. IOSCO has published its interim recommendations on new rules for securitisation and credit default swap markets, while the European Parliament is set to vote today on stringent regulations on the buy-side and sell-side. EuroWeek finds out if the moves will improve investor confidence or cripple the struggling industry.

The positive mood of the FIG market for the last few weeks is again evident with large order books greeting issuers who have decided to venture into the market. Nordea priced a Eu2bn unguaranteed five year yesterday at 185bp over mid-swaps with a Eu3.65bn book — and the bonds are already 7bp tighter. In the guaranteed market, the leads have gone out with guidance on the Erste Bank two year deal at 55bp to 58bp while the books have closed on Caja de Ahorros del Mediterraneo’s Eu1bn three year. To read a full account of how the market fared this week, read EuroWeek on Friday.

The corporate bond market rally continued this week with strong transactions from European auto finance firms RCI Banque and VW International Finance that shrugged off negative headlines from the US. The French firm attracted a book of Eu6.5bn for its Eu750m three year deal priced at a yield of 8.25% which today tightened by 70bp. Meanwhile, the books on the dual tranche transaction from Shell grew to over Eu10bn this morning. To find out how this and all the deals in the market this week performed, read EuroWeek on Friday.

The line up of European firms looking to tap the equity markets grew again this week as UK media businesses Informa and Mecom published rights issue plans. Also, Wavin, the Dutch plastic pipe supplier is looking for equity support from private equity firm CVC Capital Partners as well as a public rights issue in exchange for increased flexibility from its lenders. Meanwhile, UK rail and bus operator National Express said it regards a rights issue as one way to tackle its £1bn debt pile, but a deal is not imminent.

The success of a Kingdom of Denmark $3.5bn three year deal this week reflects the strength of the dollar market where spreads continue to grind tighter as two to five year supply dries up. But there is little anticipation of further SSA issuance this week as Asian holidays and US employment data keep issuers at bay — at least until next week. The euro market is similarly well bid but has not hosted any SSA supply at all, though KfW and SFEF are expected to make appearances next week and Cyprus has mandated BNP Paribas, Royal Bank of Scotland and Société Générale. Elsewhere, IFFIm will this week price a five year sterling institutional bond, of around £200m, alongside its retail targeted UK ISA deal. Read EuroWeek on Friday for coverage of the week’s deals and for what’s in store next week

The $525 million San Luis Obispo County (Calif.) Pension Trust is looking to issue a request for proposals for a fixed-income manager to handle a $100 million mandate.

Chrysler Automotive's bank debt gained steadily last week as the automaker lurched into bankruptcy after a debt-for-cash deal with lenders stalled Thursday.

Deutsche Bank today closed the $1.69 billion Blue Ridge collateralized loan obligation, only the fourth U.S. CLO so far this year.

MGM Mirage's bank debt advanced on news the company reached a revised agreement partner Dubai World and lenders to fully fund the completion of the CityCenter joint venture.

Morgan Creek Capital Management, the $9 billion firm run by former University of North Carolina CIO Mark Yusko, is making a push into the credit markets.

The market for new collateralized loan obligations remained thin, with only the top-tier names, such as The Carlyle Group, able to complete deals for lack of Triple-A buyers.