Pre-migration untagged articles

The European Investment Bank has issued its largest ever five year dollar bond — $3.5bn priced at mid-swaps plus 85bp. The five year sector has been difficult for months — only $6bn of issuance so far this year — but, by paying an appropriate price, EIB gained the necessary traction. Cades is taking the more defensive route, announcing a two year dollar bond at plus 45bp.

Europe’s project finance market has recently picked up and more deals emerged this week. Vinci secured Eu454m of debt yesterday (Tuesday) for the A5 autobahn project in Germany, while banks recently provided a Eu136m loan backing the expansion of Rotterdam’s liquefied natural gas terminal. Meanwhile, bankers are hopeful that a roughly £950m facility for the widening of the UK’s M25 motorway will soon be signed. Read more on the A5 and LNG deals later today at www.euroweek.com/loans

Société de Financement de l’Economie Française (SFEF) and the Hellenic Republic took Eu12bn of five year money out of the market with ease this week. SFEF continued its phenomenal run and printed Eu5bn at mid-swaps plus 37bp, which, although priced in the middle of the 35bp-40bp guidance, is a tremendous achievement amid so much five year supply. Greece achieved a huge book of Eu10.5bn and priced Eu7bn at mid-swaps plus 225bp against guidance of 225bp-235bp. But another five year issuer, Nordic Investment Bank, seems to have had a tougher time, its Eu1bn transaction priced at mid-swaps plus 50bp, judged too tight for a debut.

Crédit Agricole priced the first public benchmark floater in unguaranteed format since September 2008 this week. The Eu1.5bn 18 month deal attracted over Eu1.8bn of orders and priced in line with the 100bp area over Euribor guidance. While the deal is another step in the right direction, it shows that yet again, demand for FIs remains relatively limited. What’s the outlook for unguaranteed issuance? Read EuroWeek on Friday.

French materials business Lafarge is trying to avoid the same troubles as its peer Saint Gobain, which saw its shares drop 30% when it launched its rights issue in February. Lafarge said it has secured support from two of its key shareholders when it made public its rights issue terms today. The company is offering shares at a 50% discount to yesterday’s closing price but is the 4% share price drop today an early indicator of trouble ahead? Read EuroWeek on Friday

retail swoons for Gazprom Gazprom has chosen Swiss francs for its return to the international capital markets — the first Russian issuer in action since the Georgian crisis and the Lehman collapse last year. BNP Paribas is soft sounding a two year deal with a 9% coupon — 825bp over swaps — and the book is at Sfr300m, closing at noon tomorrow. Already there is strong retail interest. How will the borrower fare? Read EuroWeek on Friday.

--Shelly Lombard, senior high-yield analyst at Gimme Credit, on aid the government is supplying to auto suppliers.

All the ladies in the house...The women of the loan market converged on Stitch Bar & Lounge on the West Side of Manhattan last Wednesday.

Investors were hoping the fight between the banks and private equity buyers of Clear Channel Communications would end with the deal getting dissolved.

The following charts show the top five advancers and decliners in terms of % moves in the loan, bond and credit default swap markets for the previous week. Data provided by Markit Group.

The volume of commercial paper sold the Bank of England’s Asset Purchase facility fell dramatically this week to its lowest weekly total to date, according to figures released on Friday by the Bank. For the week to March 26, the fund bought £76m of three month corporate CP, down from £345m last week. In previous weeks since its inception on 13 February, the facility has bought £345m, £480m, £164m, £561m, and £345m respectively. The decreased use of the facility had been apparent. Some dealers believe that use of the facility may yet increase substantially depending on what new issuers achieve eligibility.