Pre-migration untagged articles

French regions may find themselves under pressure to raise funding as the central government looks to save cash by reducing transfers to regional and local authorities by €11bn between 2014 and 2017. Fortunately help is at hand in the guise of a brand new issuer: Agence France Locale, which should — by agglomerating regional funding needs — be able to offer smaller regions cheaper financing than they would be able to obtain in the open market. But there are a lot more factors than just cost to consider.

Investors’ renewed confidence in the eurozone is very much a matter of trust that the currency bloc’s leaders will never let the project fail. But with anti-European Union parties looking set to perform well in this week’s European Parliament elections, how will investors respond?

When General Electric issued a debut $500m sukuk five years ago it did not receive a great deal of acclaim. But with the company considering another potential Islamic deal later this year, neither it nor other rumoured Western first time borrowers such as Total should fear for a bad result this time around.

The build up to Íslandsbanki’s annual Thorrablot celebrations — for the uninitiated, it’s an Icelandic midwinter festival — is always fraught with nerves, anticipation and a slightly sickly feeling at the prospect of crunching down on goats’ testicles. But this year’s shindig on Thursday night has some added spice — or, more appropriately, pickle — as it could be the last event ever.

Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days Dealers of private EMTNs including self-led: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers and issues with a term of < 365 days Dealers of structured EMTNs excluding self-led: Structured, non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, puttable FRNs and issues with a term of < 365 days

Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days Dealers of private EMTNs including self-led: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers and issues with a term of < 365 days Dealers of structured EMTNs including self-led: Structured, non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, puttable FRNs and issues with a term of < 365 days

Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days Dealers of private EMTNs including self-led: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers and issues with a term of < 365 days Dealers of structured EMTNs excluding self-led: Structured, non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, puttable FRNs and issues with a term of < 365 days

SSA borrowers will be able to relax a bit over the Christmas holiday now that the speculation over when Federal Reserve quantitative easing will kick in has been resolved. Although tapering has come three months earlier than expected, at least now issuers can get to grips with defined issues. But dealing with a rising rates environment won’t be all they have to contend with: there’s the impact of a raft of regulation and dramatic moves in the euro/dollar basis swap to think about too.

In CEEMEA, bond market participants are looking forward to the opportunities that 2014 will bring. Finansbank is planning a senior bond of up to $500m, while bankers say that the MTN market is looking towards Russian banks as new potential issuers from the emerging markets.

As 2013 comes to an end, some banks' EMEA equity league table positions are separated by only a few million dollars. But after a year of market-share chasing block trades, bankers say that the sector has calmed and a last dash for a higher place is unlikely.

Dealogic league tables of total revenue transactions, December 5, 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.

Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days Dealers of private EMTNs including self-led: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers and issues with a term of < 365 days Dealers of structured EMTNs including self-led: Structured, non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, puttable FRNs and issues with a term of < 365 days

CDS: week’s biggest movers — Markit CDX North America investment grade index — Markit iTraxx Europe subordinated financials index — Markit iTraxx Europe senior financials index — Markit iTraxx SovX Western Europe index — Markit iTraxx Europe index — Markit iTraxx crossover index

UK and Irish stock exchanges are set to reduce the settlement period for trades to two days next year, reducing market risk for investors and anticipating EU regulation.

CDS: week’s biggest movers — Markit CDX North America investment grade index — Markit iTraxx Europe subordinated financials index — Markit iTraxx Europe senior financials index — Markit iTraxx SovX Western Europe index — Markit iTraxx Europe index — Markit iTraxx crossover index

MTN League Tables 1333

Dealogic league tables of total revenue transactions, November 21, 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.

Dealogic league tables of bond transactions, November 20, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

A slew of undersubscribed deals this week left market conditions looking naff, but it’s not time to pack up and go home just yet. The deals this week that did work showed that for those issuers that get their timing and pricing spot on, demand is there in spades.

CDS: week’s biggest movers — Markit CDX North America investment grade index — Markit iTraxx Europe subordinated financials index — Markit iTraxx Europe senior financials index — Markit iTraxx SovX Western Europe index — Markit iTraxx Europe index — Markit iTraxx crossover index

Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days Dealers of private EMTNs including self-led: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers and issues with a term of < 365 days Dealers of structured EMTNs excluding self-led: Structured, non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, puttable FRNs and issues with a term of < 365 days

Multinational companies are increasingly spending money voluntarily on protecting forests to offset their carbon emissions, as the influence of the social responsibility agenda and green thinking grows.

The arrival of the second Green Bond to reach benchmark size this week, plus a swelling pipeline, show that there is real momentum behind this format — but issuers from other sectors are needed to bring this market to maturity.

CDS: week’s biggest movers — Markit CDX North America investment grade index — Markit iTraxx Europe subordinated financials index — Markit iTraxx Europe senior financials index — Markit iTraxx SovX Western Europe index — Markit iTraxx Europe index — Markit iTraxx crossover index

Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days Dealers of private EMTNs including self-led: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers and issues with a term of < 365 days Dealers of structured EMTNs including self-led: Structured, non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, puttable FRNs and issues with a term of < 365 days

Credit Suisse's announcement in its third quarter results that it is restructuring its rates business revived calls that it should "do a UBS" and beat a retreat from fixed income. But this argument may overlook the fundamental difference in models between Switzerland’s two global investment banks.

CDS: week’s biggest movers — Markit CDX North America investment grade index — Markit iTraxx Europe subordinated financials index — Markit iTraxx Europe senior financials index — Markit iTraxx SovX Western Europe index — Markit iTraxx Europe index — Markit iTraxx crossover index

Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days Dealers of private EMTNs including self-led: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers and issues with a term of < 365 days Dealers of structured EMTNs excluding self-led: Structured, non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, puttable FRNs and issues with a term of < 365 days

As arbitrage opportunities for euro funders in dollars are fast disappearing, issuers would be well advised to consider the attractions of issuance in other currencies.

Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days Dealers of private EMTNs including self-led: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers and issues with a term of < 365 days Dealers of structured EMTNs including self-led: Structured, non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, puttable FRNs and issues with a term of < 365 days

CDS: week’s biggest movers — Markit CDX North America investment grade index — Markit iTraxx Europe subordinated financials index — Markit iTraxx Europe senior financials index — Markit iTraxx SovX Western Europe index — Markit iTraxx Europe index — Markit iTraxx crossover index

Norway’s banks will not be hit by the finance ministry’s latest changes to balance sheet rules, as they already operate on a stricter footing.

The US government has set the next series of political wrangling over its budget and debt ceiling for January and February — coinciding with the busiest time in the SSA calendar. While it’s a no-brainer for issuers to attempt to get some dollar funding done ahead of January, those with big euro needs should have a serious think about getting some prefunding done too. Another government shutdown could play havoc with more than just the dollar market.

Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days Dealers of private EMTNs including self-led: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers and issues with a term of < 365 days Dealers of structured EMTNs excluding self-led: Structured, non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, puttable FRNs and issues with a term of < 365 days