Pre-migration untagged articles

Many City people will have seen the events staged around St Paul’s Cathedral on Wednesday night and televised on BBC2. These were organised on behalf of the charity ‘City Salute’ to raise funds to help rehabilitate injured servicemen returning from combat in the world’s war zones.

BANK issuers found increased demand from commercial paper investors and opportunities for arbitrage in basis swaps this week, though investors remained cautious on some credits.

Morgan Stanley is bringing the first full capital structure CLO backed by European leveraged loan credit default swaps.

Covered bond specialists were astonished this week when three Spanish banks crowded into the market, all with jumbo two year deals, as cédulas issuance gets going again after a six month hiatus. Remarkably, the crush did not damage spreads, but left the market stronger than before.

The stable door was shut

Norway’s DnB Nor Boligkreditt priced a new Eu2bn three year covered bond at 15bp over mid-swaps on Wednesday afternoon after widening guidance from the levels it pre-sounded at to achieve a larger size.

LIKE last week, multi-tranche deals were the story of the week in Swiss francs, with a Sfr500m ($474m) new issue for IBM that stole the limelight with the largest bond of the week.

UBS revealed a first quarter net loss of Sfr11.5bn ($10.9bn) on Tuesday, mainly due to writedowns of $19bn.

THE INTER-AMERICAN Development Bank (IADB) priced the first Kangaroo issue for three weeks when it took its 2010 line up to A$1bn this week after improvements in the basis swap market.

WELCOME returns for almost dormant MTN borrowers and a flood of puttable floating rate paper helped the vanilla private placement market to maintain the healthy tone of recent weeks, while European institutions were once again active in the structured note market and Asian institutions and private banks continued to buy callable dollar products.