Pre-migration untagged articles

Dealers of private EMTNs: Non-syndicated deals for ≤ €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of less than 365 days

SSAs are facing a money market funding squeeze as negative yields drive investors out of core credits, with even credits tainted by the eurozone crisis now able to pay back less than they borrow.

Credit Suisse drove its share price up and its Cocos tighter on Wednesday as it launched a Sfr15.3bn capital offensive. Nord LB was the only other European bank to hit the debt market, while Clydesdale Bank prepared a securitisation.

The European high yield market is enjoying a surprising mini-revival, despite the imminence of summer holidays and the poor economic news.

Emerging market bond business is in full flow leading up to August, with a €300m bond for Czech Railways priced on Monday together with a $500 tap for Gazprombank, a $500m bond for Investec and a $600m privately sold subordinated note for Ak Bars Bank.

• Says Diamond instructed him to lower Libor submissions • Believed instruction came from Bank of England • Would not have ordered lowering on Barclays' say-so • Hints at other conversations with BoE's Tucker • FSA complains of 'culture of gaming' at Barclays

The ECB’s decision to cut its deposit rate to 0% has been met with widespread derision, cries of unintended consequences and little in the way of positive benefits for either the financial markets or the real economy. But for those SSAs that have struggled to get attention in euro commercial paper, now is the time to make hay while the sun shines.

Eksportfinans, the Norwegian quasi-agency that went into run-off last year, has cut staff and re-allocated responsibilities within its funding team as it manages a portfolio of around 2,000 outstanding bonds. Former head of funding Martine Mills Hagen and former head of capital markets Oliver Siem have taken on new responsibilities.

KfW sold a 30 year callable zero with an IRR below 4% this week, breaching a level that has forced dealers to up the ante in creating new ideas to match sovereign, supranational and agency issuers with the Taiwanese life insurance firms that traditionally buy the structure.

Swedish covered bonds will become more attractive relative to those of its European peers following the toughening up of regulations, said analysts. Sweden’s market regulator wants to change the way that covered bond issuers value cover pool assets, and will introduce regular collateral stress tests.

Dealers of private EMTNs: Non-syndicated deals for ≤ €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of less than 365 days

This week’s first ever Pfandbrief backed by aircraft leases has been warmly received. But amid the fanfare for the issuer, NordLB, there are concerns over the security of the assets involved that in turn are stoking debate over what assets should be eligible for covered bond funding.