Pre-migration untagged articles

Dealers of private EMTNs: Non-syndicated deals for less than $250m excluding financial repackaged SPVs, self-led deals and issues with a term of less than 365 days.

Seine-et-Marne has become the first French local government to issue commercial paper. The Department, as local government authorities are known in France, issued Eu30m of one month Billets de trésorerie (French CP) under its Eu250m programme.

Standard & Poor’s has proposed changes to its ratings criteria for cash CLOs and synthetic CDOs which would lead to widespread downgrades to senior tranches.

There are some signs of optimism, or should that be bravado, out there, you know. Economist Robert Shiller, for example, does not seem much perturbed by reality.

A five year Sfr1.25bn deal for Swisscom tested the capacity of the Swiss franc market this week, coming after a fortnight in which Roche had raised Sfr8bn of funding.

The credit derivatives industry has given a cautious welcome to the Turner Review, the exhaustive survey of global banking regulation conducted by FSA chairman Adair Turner and released this week.

Eurohypo and Société Générale this week launched the first jumbo covered bonds since early February, bringing hope and much-needed pricing references to a market whose raison d’être has been questioned in light of the domination of government guaranteed issuance this year.

Fitch downgraded the cédulas hipotecarias of Caixa Catalunya and Caixanova from AAA to AA+ last Friday (March 13), and a further cut looks in store for Caixa Catalunya if the rating agency’s revised liquidity risk assumptions are implemented in their proposed form.

Theta, the $10bn investment vehicle owned by investment management company Gordian Knot, has had its counterparty and senior debt ratings downgraded by Moody’s.

Government guaranteed MTN sales fell this week as both investors and issuers have begun to tire of the asset class, but there has been an uptick in investor interest in bank paper without the guarantee.