Pre-migration untagged articles

Last week we wrote that there might be some major changes at Barclays Capital. Barely before the ink was dry, Grant Kvalheim was on his bike, leaving Jerry del Missier as the natural heir to the celebrated Bob Diamond.

INVESTORS appeared to be even more cautious in their activity behind the drawn curtains of the MTN market than they were in the public arena this week, focusing on either the highest rated borrowers or the shortest of maturities.

The bad news came thick and fast in the capital markets yesterday (Thursday) and dollar swap spreads edged wider in the flight to quality.

Ed Robinson, Dresdner Kleinwort’s co-head of European loans syndicate, is to leave the bank after being made redundant, EuroWeek understands.

The European Covered Bond Council’s recommendation that covered bonds trading at 20bp or more above Euribor be quoted at market-makers’ discretion had eased the mood in covered bond trading during the week, with the secondary market enjoying a marked improvement compared to December.

SHARES in three major operators of stock exchanges in Europe took a hit after research published by Sanford Bernstein on Wednesday suggested the exchange market was at a turning point.

Kommunalkredit Austria priced a Eu1bn four year covered bond at mid-swaps flat yesterday (Thursday), as expected, but while the transaction shows how the most sought-after names can avoid the worst of the spread widening, questions remain over whether anything can be printed any tighter.

THE INTERNATIONAL Capital Market Association (ICMA) has published a draft code of conduct for the ABCP market which recommends that issuers provide timely and up-to-date information to investors.

BANK OF America is scaling back its investment banking operations and will cut a further 650 jobs ahead of January 22, when it reveals its annual results.

Bank of Montreal priced its Eu1bn five year covered bond on Wednesday at 24bp over mid-swaps, paying 4bp more than Royal Bank of Canada did for its 10 year deal last week, after suffering from the wider than expected pricing of Banco Espiríto Santo’s Eu1.25bn three year deal at 20bp over on Tuesday.