Pre-migration untagged articles

With Canadian Imperial Bank of Commerce visiting investors on a European roadshow next week, EuroWeek spoke to the issuer as it attempted to explain why its mortgage-backed debut would also be the first public sector bond from Canada.

Citigroup and Sydbank issued $57.5m of five year notes from Enterprise on Tuesday. Enterprise is a dynamic leveraged note transaction mostly referencing external and local currency emerging market sovereign debt.

This week’s sale of Creditex, the electronic credit derivative trading platform, to the InterContinental Exchange will bring the expertise of a large derivatives exchange group to the still young and sometimes chaotic credit default swap market.

DANSKE Bank priced a new five year covered bond on Tuesday backed by international mortgage collateral from its Cover Pool I. The deal was increased from the minimum target of benchmark size and enjoyed an untroubled bookbuilding process.

After a slow start to the week rising dollar yields persuaded some Asian MTN investors to return to callable structured products, but private placement flows were once more light.

Yields approaching the mid-teens on South African rand bonds enticed investors this week and helped General Electric Capital Corp increase the size of the three year deal it launched yesterday (Thursday).

European Central Bank president, Jean-Claude Trichet, dismayed commercial paper dealers this week when he indicated that an interest rate rise for the euro area is likely.

"I’ve given up analysing why this market is going up and down. I’m just trading it now," announced a veteran credit default dealer at a market maker in London, at the close yesterday (Thursday).

What once seemed unthinkable happened late last night (Thursday) — Standard & Poor’s took away its AAA ratings of MBIA and Ambac, two of the leading monoline bond insurers.