Pre-migration untagged articles

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The European high yield market’s new year party is still going on in the last week of January, with another two deals priced yesterday and four more that could be sold this week.

With deals from Instituto de Crédito Oficial (Ico) and the European Bank for Reconstruction and Development (EBRD) struggling to reach full subscription, SSA bankers got their first signs this week that investors may have gorged themselves a touch too far on SSA paper in January.

As issuers scramble to take advantage of the historically low yields on offer, the CEEMEA bond market is chock-full of deals. The State of Israel, the Republic of Lithuania, Russian Agricultural Bank and Halkbank have already priced notes this week and more are expected before the end of the week as titans like Gazprom and Akbank finish roadshows.

Widening in secondary markets, closed periods and skinny yields in primary have combined to squash issuance this week from its busy early-January levels.

Dealers of private EMTNs: Non-syndicated deals for ≤ €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of less than 365 days

Tikehau Investment Management, a Paris-based asset manager, has launched its first private debt fund open to retail investors, as it expects direct lending to play a larger role in Europe.

UK Prime Minister David Cameron’s pledge to hold a referendum on the country’s membership of the European Union by 2017 — made in a speech on Wednesday — has raised concerns among members of the House of Lords.

The Republic of Ireland’s steady progress back to the capital markets is filtering through to euro commercial paper, as the issuer pushed out the tenor on €300m of paper on Wednesday.

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

Goldman Sachs’ annual results this week showed an improving situation towards the end of 2012, with the DCM business generating its second best ever annual performance — and the best since 2007.

Bank of America saw increased fourth quarter activity across its investment banking divisions as underwriting fees grew across the industry. But that improvement was not enough to make up for a difficult year for the bank, which saw reduced revenues in its global banking and global markets businesses, and slim profits for the group as a whole.