Pre-migration untagged articles

Deutsche Bank reported a 2008 net loss of Eu3.9bn, including a fourth quarter net loss of Eu4.8bn, as its sales and trading business dragged the results down.

The European commercial paper market needs more top-rated corporate issuance to meet investor demand, according to market participants.

The European Bank for Reconstruction & Development (EBRD) issued its first Romanian leu bond this week, a L115m ($34.5m) 11.25% 10 year deal organised by Société Générale.

Efforts to prop up US banks’ liabilities have exacerbated the financial crisis while policymakers have failed to grasp the nettle on the asset side of balance sheets, argues Charles Dumas, chief economist at Lombard Street Research in this exclusive guest commentary for EuroWeek. An industry-wide effort to catalogue and value mortgage backed securities and derivatives is a vital step for returning banks to health

The International Finance Facility for Immunisation Company (IFFIm) raised $429m equivalent this week with a multi-tranche three year vaccine bond Uridashi, including the largest ever South African rand Uridashi.

The chopper-less bull

Landesbank Baden-Württemberg reopened the jumbo Pfandbrief market this week with the first such transaction since August last year, and Deutsche Postbank followed suit just one day later.

The government of the emirate of Abu Dhabi injected Dh16bn ($4.4bn) of capital in five of its banks this week.

BNP Paribas is launching a Eu15bn public sector obligations foncières programme that will run alongside the BNP Paribas Covered Bonds programme that was set up outside France’s dedicated legal framework.

A swathe of chunky dollar deals of 14 and 15 month maturities were placed yesterday amounting to $2.7bn. The notes, which were the first chunky dollar private placement batch of the year, were mostly placed with a single investor, said dealers.

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.

CLOs face a wave of downgrades after Moody’s unveiled major revisions to its rating methodology this week. The move is likely to trigger another wave of write downs among investors in the roughly Eu80bn European leveraged loan CLO market, as even institutions holding the bonds in their banking book will probably have to record an impairment.