Pre-migration untagged articles

European companies need to refinance Eu330bn of debt before the end of the year, Standard & Poor’s warned this week, adding that companies’ refinancing risks were a "significant ratings driver".

Germany is on the point of fully nationalising Hypo Real Estate after the troubled lender’s capital ratio sank below the 4% minimum to 3.4%.

Interest in government guaranteed private placements has been winding down since its peak in January. But the sector remains strong despite lower volumes being placed.

Several corporate deals finally came to fruition this week as both E.On and beverage company Anheuser-Busch InBev sold floating rate notes via Barclays Capital.

Landesbank Baden-Württemberg posted a loss of Eu2.06bn for 2008, down from a Eu326m profit the previous year.

The Province of Manitoba made a rare visit to the Swiss franc market yesterday (Thursday), issuing Sfr300m of May 2014 bonds via Credit Suisse and Deutsche Bank at plus 50bp.

Dealers of private EMTNs: Non-syndicated deals excluding financial repackaged SPVs, self-led deals and issues with a term of less than 365 days

Bank of America’s covered bond programme could be rated as low as Aa2 after a review for possible downgrade that Moody’s initiated on Tuesday.

Gazprom yesterday (Thursday) launched the first bond issue from a Russian credit since the Georgian conflict in August 2008, a Sfr400m two year deal that left bankers divided over the significance of the transaction.

Breaking the callable zero dominance of the structured note market, Morgan Stanley has placed a pair of covered 20 year CMS floaters — worth Eu100m and Eu50m — for Compagnie de Financement Foncier.

Caja Madrid has set guidance on its second government guaranteed three year issue at 90bp-95bp over mid-swaps. The rescue of Caja Castilla La Mancha at the weekend has not put at stop to the issuer’s ambition, and it is hoping to price at the tight end of guidance via Barclays Capital, Caja Madrid, LBBW, Morgan Stanley and UniCredito. Meanwhile, NIBC got its inaugural five year away on Monday amidst competing supply and priced a Eu1.5bn at 90bp over mid-swaps. To find out more about this week’s crop of government guaranteed issues, read EuroWeek on Friday.

Corporate issuers hoping to access funding before the Easter break next week propelled yesterday’s supply to nearly Eu3bn of bonds were issued yesterday, and the week only looks set to get busier. Utility firm Vattenfall and French retailer Auchen are both looking to issue dual tranche transactions, while Securitas is marketing a four year trade through BNP Paribas, Nordea and the Royal Bank of Scotland. To find out how this and all the deals in the market this week performed, read EuroWeek on Friday. Click here for our previous coverage: Heady days for corporate bonds as unrated names join Eu9bn spree, defy fundamentals, credit news, page 10.