Pre-migration untagged articles
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Abu Dhabi Islamic Bank’s benchmark sukuk issue and the prospect of a conventional deal from the State of Qatar have held the attention of the EM bond market this week. Other Middle East issuers such as Abu Dhabi National Energy Co (Taqa) and Majid Al Futtaim (MAF) also look set to push ahead with their plans.
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It is the end of an era in Norway. The government has dealt a blow to Eksportfinans, the body that has been running the country’s export financing, refusing to grant it an exemption to CRD IV and setting up a new agency to replace its role. The response was swift and devastating. Moody’s downgraded Eksportfinans to junk, saying that its business model had been all but wiped out. A flight from the name wreaked havoc on spreads and brought hitherto unknown volatility to Scandinavian SSA markets.
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The dynamic in the European corporate bond market has completely changed from the July to September period, when issuers were reluctant to dip their toes in the water for fear of overpaying and days went by without a new issue.
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With the exceptions of Germany and the UK, Europe is increasingly off the menu for US money market funds which are rapidly offloading their trans-Atlantic exposure while the sovereign debt crisis goes from bad to worse. Strikingly, this important and conservative investor group is stepping back from the region’s sovereigns and agencies, as well as its financial credits.
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BNP Paribas moved up a spot in both the private EMTNs table to sixth. Among its recent trades is a 30 year euro deal for Compagnie de Financement
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Royal Bank of Scotland is hiring Gary Hawkins as head of CEMEA sales and trading but has also put two EM traders — German Kucerov and Emmaunuel Soquar at risk of redundancy.
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