Pre-migration untagged articles

Investor confidence has come back for Ireland — at least in the short term markets. The National Treasury Management Agency (NTMA) this week returned to commercial paper with €500m of new issuance, following on from a tightening in Ireland’s CDS spreads and the country’s positive crisis recovery story.

Dealers of private EMTNs: Non-syndicated deals for less than or equal to €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of less than 365 days

BPCE on Monday was the first French issuer in 2012 to tap the belly of the curve. The five year transaction brings BPCE Group’s total issuance so far this year to over €3bn — around 25% of its covered bond funding for the year.

Fondo de Amortización del Déficit Eléctrico secured its longest funding ever with a 15 year MTN printed through Barclays Capital on Monday, in a sign of growing investor appetite for Spanish names.

Rampant demand and a move in the euro/sterling basis swap has allowed FMS Wertmanagement to slash its sterling commercial paper levels. The move shows that SSA issuers are able to exploit both term and money markets in sterling to raise aggressively priced funding.

Following last week’s barrage of large emerging market bond issues, Eurasian Development Bank, Latvia and Israel Electric have been roadshowing deals.

The return of southern Europe’s blue chips to the corporate bond market in 2012 is a gathering trend, reinforced on Tuesday by Telefónica’s €1.5bn six year deal, the biggest peripheral issue this year. Like recent sales by Italy’s Eni and Atlantia, it was a blowout, attracting a book of €10bn.

Financial institutions investors are becoming increasingly adventurous, with peripheral names tapping senior and covered bond markets and interest growing for an innovative contingent capital deal from UBS.

After a successful opening to the week by top rated public sector credits in dollar markets, peripheral Europe moved back into view on Wednesday morning as expectations grew of an imminent agreement between Greece and its creditors. In an audacious move to test appetite for its name in international markets, the Kingdom of Spain took the unusual step of syndicating a tap of its January 2022 bond on Wednesday morning, taking advantage of the improved robustness of markets that anticipate a successful conclusion to the Greek crisis.