Pre-migration untagged articles

Hungary’s FHB Mortgage Bank priced the first covered bond from its new Eu3bn mortgage securities and MTN programme on Tuesday.

Cheyne Finance, the $6bn structured investment vehicle set up by London-based Cheyne Capital Management, got bids up to 44% of face value in an auction of its assets yesterday (Thursday).

Lloyds TSB has hired three senior bond bankers in London as it builds up its debt capital markets (DCM) team, led by Farouk Ramzan.

Alpha Bank has executed the first Greek covered bond issue, and will settle the deal from its new programme today (Friday).

The Federal Deposit Insurance Corp revealed its final covered policy statement yesterday (Tuesday) afternoon in Washington. The 4% limit on covered bond issuance to total liabilities remains in place from the interim version, commercial mortgages do not join residential mortgages as eligible collateral and no grandfathering of previously issued bonds will take place. However, chairman Sheila Bair said: “The 4% limit is, I think, not going to be there forever.” Read EuroWeek on Friday for the market’s reaction to the statement.

Anheuser-Busch agreed on Sunday night to InBev’s increased offer, which values the owner of Budweiser at $52bn. That should make it a little easier to syndicate InBev’s $45bn jumbo, launched two weeks ago into senior syndication. But having only gone to a small number of core relationship banks, will InBev’s bookrunners now speed up the process and launch a retail phase any time soon? Read EuroWeek on Friday to find out more.

New Russian borrowers such as electricity company OGK-1, titanium producer VSMPO-Avisma and European Bearing Corp are set to keep lenders busy this summer, after a bumper first half to the year. Although the transactions are on the small side — none exceed the $400m mark — and pricing is still rising, there are worries about lenders reaching country limits so the outcome of these transactions is expected to give bankers a taste of what September markets have in store for them. For more details on these deals and news on the Russian loan market, read EuroWeek online at www.euroweek.com/loans.

Investor demand is focused on the short end of the curve in South African rand as the yield curve remains inverted. This week that allowed the World Bank to issue two bonds in the currency. On Friday the supranational added R500m to an 11% 2011 issue and then on Monday it entered the South African market again, issuing a R750m 2010 bond with a coupon of 12%. JP Morgan led this deal.

UkrSibbank and Tamweel yesterday pierced the eerie quiet pervading the European and Middle Eastern emerging bond markets, but, as neither is a typical EM borrower, little can be interpreted from these deals about the prospects for other issuers. UkrSibbank, 51% owned by BNP Paribas, yesterday priced its $250m 9.25% three year Eurobond, and Tamweel priced a Dh1.1bn five-year issue through Badr Al Islami, Dubai Islamic Bank and Standard Chartered Bank. Could this be it for new issuance until the end of the summer? Read EuroWeek on Friday to find out.

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.

What would sunbathing be like without your copy of Creating a World Without Poverty?

SunTrust Robinson Humphrey hired Bank of America's loan total return swap team including Jeff Barnes, Bartt Scott, and Josh Pruitt to expand its structured products business.