Pre-migration untagged articles
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Public sector auctions and floating rate notes are taking centre stage as the syndicated benchmark market pauses for the Chinese New Year holiday this week. The Republic of Italy, meanwhile, fell marginally short of its auction target on Wednesday.
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Covered bonds have provided the action this week in FIG, while supply is picking up in ABS, and there could be some senior unsecured activity, with Norwegian lender Sparebank 1 SMN is finally looking to make its fixed rate debut after roadshowing twice in the past three months.
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Hungary is the focal point in emerging market bonds this week, finally returning to the market after nearly two years away. It underlined the huge bid for EM risk as investors desperately seek out yield, even though the new issue premium it is paying looks small, despite no resolution to its long-running IMF aid talks.
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The earnings blackout cloud hanging over European corporate bond issuance is passing from the investment grade market to high yield.
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Winterflood Securities has become the ninth market maker on the London Stock Exchange’s Orderbook for Retail Bonds, and the first Gilt-edged market maker to take part.
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The euphoria of January is over, and bankers will be looking forward to the respite that the Chinese New Year holiday next week traditionally brings. But it’s no time to sit back and relax — issuers would do well to sneak in with smaller, opportunistic, prints next week. -
International demand for Spanish agency private placements suffered no ill effects from the political scandal during the week as two issuers raised €345m and were tipped for further deals.
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The Republic of Finland kicked off its 2013 programme with a privately placed Swedish krona deal on Tuesday and revealed plans for two euro benchmarks this year.
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Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days
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Icap, the UK interdealer broker, has expanded its offering of end-of-day credit default swap price information to include wider coverage of European companies and more complex analytics.
