Pre-migration untagged articles

In New York, the CDX Investment Grade Index (Series 10) closed yesterday at 105bp, around 15bp wider over the week. Every sector of the index was wider, but financials led the way with a 6bp move.

The revelation this week that the computer model used by credit rating agency Moody’s to rate large numbers of European constant proportion debt obligations in 2006 and 2006 was substantially flawed has prompted fears of another wave of structured product unwinds.

There was a general repricing of credit to wider levels this week, as stockmarkets sold off amid fears of both an economic downturn and inflation.

The African Development Bank has issued the first non-domestic Ugandan shilling bond with a Ush24.6825bn ($15m) three year deal via Standard Chartered. The deal, priced at par, pays a coupon of 10%, with a maturity date of May 16, 2011.

Home truths for investors

The dirham market was in the spotlight again this week when Ras Al Khaimah priced a Dh1bn five year sukuk issue through sole bookrunners Standard Chartered.

The Swiss franc market started strongly this week before being derailed by an adverse move in the basis swap rate.

Structured and vanilla MTN sales ground to a halt in the early part of the week as investors digested strong recent public market issuance and paused for breath instead of looking to private placements.

US dollar swap spreads inched about 3bp wider this week, which struck onlookers as a creditable performance given the sharp rise in absolute yields.

Norway’s Storebrand Kredittforetak priced its debut euro issue on Wednesday afternoon, a Eu500m two year issue. The deal attracted strong demand from Scandinavian accounts.

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