Pre-migration untagged articles

Commerzbank was this week refused leave to appeal in a case brought against the bank by former Dresdner Kleinwort bankers whose bonuses were slashed by up to 90% in the aftermath of the acquisition of DK by Commerz at the end of 2009.

Renaissance Capital is cutting 12% of its investment banking workforce globally, but this week denied rumours that it was shutting its Hong Kong office. Two sources at RenCap said that the staff reductions were expected to be made this week.

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

KommuneKredit sold its largest clip of commercial paper in six years on Wednesday, after a month long break from the market.

SSA issuers away from the eurozone have dominated this week. Export Development Canada printed a long two year MTN at very tight yields, while Finland sold its biggest print in a year.

Spanish sovereign and agency private placement volumes have fallen sharply during the last three months. The decline has come even as credits that can still print have posted wider levels as Spanish yields have been engulfed in volatility.

The European Financial Stability Facility may have picked strange timing for its latest benchmark, but in doing so it has made an important point.

The Republic of Portugal and the Irish National Treasury Management Agency both sold bumper commercial paper prints this week in a rare piece of activity for the peripheral sovereigns as uncertainty has once more engulfed eurozone sovereign debt markets.

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

Pricing on callable zero MTNs has being driven down to eye-watering lows because of ultra low 30 year dollar swap levels. As a result, Taiwanese life insurers — traditional buyers of the instruments — have been forced to look down the credit curve.

Export Development Canada (EDC) tightened its dollar MTN levels on Thursday after being inundated with demand from US investors throughout the week.

Ireland sold its largest deal for two months this week, joining a plethora of SSA issuers that stormed into the commercial paper market to exploit cross-currency basis swaps that were at their most favourable for euro funders in two months.