Pre-migration untagged articles

Dexia Municipal Agency priced its long awaited Eu2bn long five year covered bond at 4bp over mid-swaps on Tuesday, redrawing the obligations foncières pricing map and the pricing landscape for other issuers at the tight end of the market.

The first formal proposals on how to reform covered bond market-making in light of its failings in the past six months and to put an end to internecine trading have been sent out by the European Covered Bond Council to its members for comment.

The once-proud name of Hypothekenbank in Essen is taking its last bow with the announcement yesterday that Commerzbank will be merging it into Eurohypo.

Merrill Lynch’s clear out of personnel linked to the investment bank’s involvement with mortgage-backed structured debt continued this week with the departure of co-president and chief operating officer Ahmass Fakahany.

THE UK’s Financial Services Authority this week warned that the business models of some financial institutions are under strain because of adverse market conditions and higher funding costs could increase pressures further.

HSBC is to restructure its $27.1bn Cullinan Finance SIV. The vehicle will be split into a term vehicle and an ABCP conduit, both of which will have capital notes.

A hefty Ikr17bn ($262m) 2009 bond for the Inter-American Development Bank, priced on Monday, was one of the highlights of the week in the niche currency Eurobond market.

LARGE dollar, euro and yen deals pricing this week demonstrated the huge volume of cash sitting on the sidelines of the private placement market, but once again dealers reported another tough week.

The Eu3bn acquisition by Kaupthing of NIBC, the Dutch investment bank, collapsed on Wednesday after the Icelandic bank withdrew its bid, blaming "current instability in the financial markets".

It is easy to become hysterical about SG’s horrendous losses, but less convincing when the trader concerned, Jérôme Kerviel, was totally unknown outside the bank and didn’t attract much attention within it. You end up having to rely on second hand evidence, which is difficult to substantiate.

As public sympathy grew for Jérôme Kerviel, the Société Générale trader accused of taking unauthorised positions that lost his employers up to Eu4.9bn, shares in the bank closed yesterday (Thursday) at Eu83.2 — higher than they were when it announced its losses to the market one week ago.