Pre-migration untagged articles

Stantander successfully executed the first public Spanish covered bond since the liquidity and credit crisis struck, a Eu1.5bn five year deal on Wednesday that allayed fears that spreads in the cédulas market could widen in the face of new issuance.

The risk aversion trade returned with a vengeance yesterday (Thursday) to the US dollar swap market, as swap spreads gapped wider amid widespread concern about US financial institutions.

Credit Suisse and UBS this week revealed the extent of the damage done to their third quarter revenue by the US subprime mortgage turmoil.

France Télécom rounded off another successful week for the Swiss franc market with a Sfr400m, seven year bond, priced yesterday (Thursday).

The UBS share price may be bobbing up and down like a discarded champagne cork in Lake Geneva, but the bank’s shareholders seem to believe they have found a new champion in André Esteves, who began as head of global fixed income and seems to be adding to his empire every week.

The turmoil and uncertainty in the financial sector meant that the top five most active single names in the US CDS market in October were all from the financial services industry, according to figures released yesterday by credit derivatives broker GFI.

WestLB will next week launch a three year jumbo public sector Pfandbrief. Barclays Capital, Dresdner Kleinwort, SG CIB and WestLB, appointed joint bookrunners on Wednesday, are expected to open the books on Monday.

Of course, one of the first questions raised after the Merrill bombshell is: "Who will be the next to hold up their hand?"

INVESTMENT banks are pulling the plug on bonus pools as they continue to report poor results after the credit crunch and subprime crisis.

CIF Euromortgage quickly turned around a Eu1.25bn April 2011 obligations foncières issue early this week, building a book on Monday morning and on Tuesday morning pricing the deal at 3bp through mid-swaps, the tightest level achieved on any jumbo since the market was reopened.

If anyone is thinking of handing out medals for survival in the Euromarkets, would they please reserve a gold gong for Klaus-Peter Müller, chief executive of Commerzbank?