Pre-migration untagged articles

Bayerische Hypo- und Vereinsbank breathed a sigh of relief this week, after pricing its Eu1bn five year mortgage Pfandbrief in the middle of 3bp over mid-swaps guidance on Tuesday, just before the primary market appeared to close for new issuance.

HypoVereinsbank is marketing TransAlp, a constant proportion portfolio insurance (CPPI) using a total return strategy with a scheduled maturity of 10 years and expected maturity of seven years.

Most SIVs are funded until the end of the year and have bought time to restructure, said an analyst this week.

Table one: Non-syndicated deals for less than $250m excluding financial repackaged SPVs, self-led deals and issues with a term of less than 365 days.

Corporate issuance has again lagged this year, but could be set for a resurgence say some dealers, particularly for those sophisticated enough to issue structures.

Table two: Non-syndicated deals for less than $250m.

Citing "extreme volatility in the credit markets", Allied Irish Banks pulled a covered bond issue on Tuesday, more than a day after opening books for the issue — an unprecedented action for the covered bond market.

Conditions in the ABCP market continued to worsen this week, as problems in wider credit markets, negative headlines and the looming year-end scramble for cash caused spreads to increase.

The Banque Populaire group has finished the roadshow for its first covered bond, but Alain David, CFO of the group in Paris, said on Tuesday (November 20) that the issuer is in no hurry to come to market, particularly given the sharp deterioration in sentiment this week.

Axon Financial Funding finally defaulted this week after months of deepening crisis. The structured investment vehicle (SIV), sponsored by Axon Financial Services, a subsidiary of US hedge fund TPG-Axon Capital Management, became the third SIV to default, after Cheyne Finance and Rhinebridge were unable to repay senior creditors last month.

Northern Rock announced this week that it has received several indications of interest for its business, with a wide range of options for the bank, from a full takeover to a breakup, still possibilities. An update to the bank’s strategic review was published on Monday (November 19) detailing initial offers for the bank.