Pre-migration untagged articles
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Toyota Motor Credit Corp issued the largest ever single tranche corporate bond in the Swiss franc market yesterday (Thursday), a Sfr1.25bn three year deal that highlighted the surprising bullishness that characterised the first full week of the year.
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Thirty year dollar swap spreads collapsed by 30bp this week after General Electric Capital Corporation priced a $4bn 30 year bond (see story above).
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The UK government is considering providing guarantees for securitisations of loans to small and medium sized enterprises.
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The volume of trades in the European commercial paper market this week far exceeded the week’s maturing trades, and banks in particular were able to increase their issuance.
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Failed repo settlements in the US Treasury market will for the first time incur a penalty from May.
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BNP Paribas yesterday launched the first new jumbo covered bond since the collapse of Lehman Brothers, a Eu1.5bn five year deal that belied fears that the primary market could remain shut for as long as the first half of the year.
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Pandit faces up to realities
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The European Investment Bank sold the year’s first euro-denominated MTNs this week, while European demand remains distracted by the large volumes of benchmark issuance.
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Commerzbank will be partly nationalised and receive a further capital injection from the German state as it prepares to finalise its takeover of Dresdner Bank.
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Hypo Real Estate Group plans to focus on Pfandbrief-eligible business as part of its restructuring strategy, under which it will withdraw from infrastructure finance and trading.
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Warsaw stockmarket gains top spot in Europe
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The primary market in 2009 will be marked by continued weak issuance, pressure from cash-flow collateralized loan obligation unwinds and a slew of 2004 vintage CLOs hitting the end of their reinvestment period.
