Pre-migration untagged articles

DVB Bank printed a senior unsecured trade on Wednesday, while Caisse de Refinancement de l'Habitat and Swiss Re are eyeing the market. But financial institutions are otherwise keeping a low profile as the French and Greek election results sink in.

Successive days of bearish markets around European political events may have created tough conditions for emerging market issuers, but there are rumbles of a healthy deal pipeline close at hand.

Austria and Finland made rare appearances in the Norwegian krone market on Wednesday, taking advantage of widening Norwegian krone swap spreads, as Eurozone-phobic investors look for well-rated sovereign, supranational or agencies which pay a spread over Norwegian government bonds.

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

A slew of non-European banks took advantage of European holidays at the beginning of the week to sell commercial paper. Abu Dhabi Commercial Bank and National Bank of Abu Dhabi both sold $100m clips of 92 day paper on Monday.

The South Australian Government Financing Authority (Safa) sold its largest commercial paper trade in over a year on Tuesday, hot on the heels of a record-breaking trade from Tasmanian Public Finance Corp last week. Demand for Australian credits remains intense as investors look to diversify away from Eurozone credits.

The SSA market is only open this week for German state-guaranteed issuers as holidays in Europe and Asia, a plethora of data, and French and Greek elections all conspire against wider issuance. But next week could be livelier, with the Republic of Iceland — 2011's comeback-kid — making its second foray into international markets after the meltdown of its banking system.

Banks are focusing on secured funding this week, with Austria’s Hypo Noe Gruppe Bank mandating for covered bonds and a host of UK RMBS deals attracting investor appetite. The market is cluttered with issuers hunting for windows amid public holidays, elections and data releases.

Rare issuers are marketing bonds in the CEEMEA new issue market. Russian investment company Sistema is planning its first Eurobond since the financial crisis, while Georgian Oil and Gas Corp is preparing its debut. Both have released roadshow dates.

Ineos’s spectacular $3.7bn refinancing last week, in which it switched the bulk of the deal from bonds to loans at the last minute, was not a one-off. Already it is having an effect on Europe’s leveraged finance market.

Black Sea Trade & Development Bank, which provides development funding for Black Sea economies, sold its first euro commercial paper trade on Thursday.

International Finance Corp this week sold its first deal in Costa Rican colon, having eyed a deal in the currency for two years as part of its policy to develop capital markets in new jurisdictions.