Pre-migration untagged articles

Fitch Ratings changed its rating criteria for CDOs yesterday (Thursday).

It has been a topsy turvy week for constant proportion debt obligations. Moody’s upgraded one CPDO last Friday, but downgraded several more on Wednesday.

Barclays Capital, Merrill Lynch and Morgan Stanley have all been among the most active houses selling commodity and hybrid asset class structures this year and all have deals settling for inclusion in the tables.

NordLB yesterday (Thursday) morning priced its first jumbo Pfandbrief issue since Landesbanks lost their state guarantees in July 2005, a Eu1bn March 2012 public sector Pfandbrief that was one of the most tightly priced covered bonds since the summer.

The growing importance of the cédulas market to Spanish banks in light of the dislocations in the asset backed securities market has been underlined by Bankinter’s announcement that it will be launching its first cédulas hipotecarias.

Nordea Hypotek is set to price a new three year issue today (Friday) after Barclays Capital, Natixis, Nordea and UniCredit Group opened books with guidance of the 2bp over mid-swaps area yesterday (Thursday) morning. "We were pleased with the support the deal received from the market," said a syndicate official at one of the leads yesterday. "The deal offers favourable pricing compared to other issues this week."

Royal Bank of Scotland priced PDM CLO I, a Eu300m cash CLO managed by Permira Debt Managers, this week.

In spring 2003, Citigroup announced that Sandy Weill would be succeeded as chief executive by Charles ‘Chuck’ Prince.

A busy week in the Swiss franc bond market included a return for McDonald’s after two years away and a Sfr805m ($717m) deal from Pfandbriefbank schweizerischer Hypothekarinstitute, its biggest single transaction in the Swiss market.

The fallout from collapsing structured investment vehicles contaminated more institutions this week, as investors in both senior and capital notes reported losses. There were several accounts of banks that sponsor SIVs offering to protect investors from loss, perhaps to shield some of their best clients.

ICMA Ltd, the market services division of the International Capital Market Association, announced on Tuesday that Trax2 has received approval from the Autorité des Marchés Financiers in accordance with the Markets in Financial Instruments Directive (Mifid).