Pre-migration untagged articles

If European corporate bonds are still a "window market", in which issuers have to pick the right moment to issue, the windows are wide open this week.

Liability management is top of the agenda as Europe's bank look to generate equity to meet regulatory ratios, with bankers saying the trend is likely to continue into 2012. Commerzbank is the first German institution to launch a cash buyback in the current wave of deals, while Barclays has followed Lloyds to become the second in the UK.

Two new $750m bonds issued on Monday by Abu Dhabi National Energy Co (Taqa) were well received by the market, with demand climbing over $7.5bn and allowing both deals to be tightened from guidance. And buying was relentless in secondary, too, with the bonds moving 10bp tighter and helping to drive interest in other quality MENA assets.

There is an unusual calm over markets ahead of this week's EU summits, with a continuing rally in equities and peripheral spreads pointing to hopes for a positive outcome. Bankers have welcomed talk of creating a bigger rescue fund, with the EFSF running alongside the ESM with support from the IMF, saying that the proposals were not as half-hearted as previous talk of merely leveraging the EFSF.

What on earth happened in Oslo the other week? Why did the prime minister of this byword for financial prudence shove Eksportfinans — the export financing agency it part-owned — off a cliff?

The State of North-Rhein Westphalia bought back a Schuldschein note and reissued a bond in response to investor demand this week. The deal could prompt similar trades, said dealers. Meanwhile, a gold linker from Kommunalbanken signaled uneasiness from the Uridashi market about Scandinavian agencies in light of the Eksportfinans closure and the Eurozone woes.

Instituto de Crédito Oficial (Ico) was among the names that managed to print in dollar CP, despite the euro/dollar basis swap becoming more positive by between 45bp and 50bp on Wednesday. Co-ordinated central bank action on dollar liquidity drove the basis into more positive territory after the lows which the eurozone fears had reduced it to.

With the prospect of increasing volatility in European and US markets hitting credit and equity market returns in 2012, Malaysia’s CIMB-Principal Islamic Asset Management has added its weight to the argument that Islamic finance provides a compelling alternative to conventional investments.

MDM Bank is updating its European commercial paper programme and plans to issue off it in 2012. Goldman Sachs and UBS are helping MDM to update the programme.

Dealers of private EMTNs: Non-syndicated deals for less than $250m excluding financial repackaged SPVs, self-led deals and issues with a term of less than 365 days

The investment grade syndicated loan market is not quite ready for the holiday season, with bankers reporting a surge of refi interest that is unprecedented for this late point in the year. Corporates that are looking ahead nervously to 2012 are rushing to get any refinancing in as soon as possible.

SSA originators are getting fed up with what they see as a pointless obsession with the European Financial Stability Facility among eurozone policymakers. Politicians saw this week's agreement on enhancements to the EFSF as an important development; bankers did not. The prospect of the IMF riding to the rescue was also roundly rubbished.