Pre-migration untagged articles

Oesterreichische Kontrollbank sold its first notes in Norwegian kroner this week, becoming the second Austrian borrower to make a rare appearance in the currency in as many weeks.

Stress in bank funding markets, exposure to troubled eurozone sovereign bond markets and moves away from implicit government support have hit the creditworthiness of many global banks. But the Standard & Poor’s way of rating covered bonds means they should remain resilient compared with other agencies.

Investment banking losses at UBS increased year-on-year after it booked a Sfr1.8bn hit to reflect the cost of the recent rogue trading incident. The investment bank’s third quarter loss worsened by Sfr244m to Sfr650m.

The nervy state of the FIG market has not stopped some issuers pressing ahead with transactions. Lloyds has found strong demand for its dollar denominated Permanent RMBS transaction and ANZ took £300m in a three year senior unsecured issue on Tuesday — the first sterling FIG transaction since the summer.

Aéroports de Paris won praise for getting its €400m deal done this week, while the European corporate bond market senses that it’s now or never for EU leaders to rescue the euro. Few in the market can muster much hope about the summit meeting’s outcome — and disappointment could lead to a market rout.

The EM bond market was quiet ahead of the EU leaders' summit, although syndicate officials said that deals could be priced before the end of the week if there was a positive market reaction to the meeting. Russian Standard Bank held an investor call on Tuesday for a new commercial paper issue, while the International Petroleum Investment Co roadshow finishes on Wednesday.

Senior sovereign, supranational and agency bankers are braced for disappointing news from Wednesday night's European summit. While some clues are expected on plans to increase the efficiency and firepower of the EFSF, a recapitalisation of banks and a more severe Greek haircut, bankers are expecting the announcement to be so vague that it will not satisfy markets.

Credit spreads in Europe will widen in the fourth quarter of 2011, according to a survey of credit portfolio managers. Investors also believe US high yield spreads will widen, though they are neutral on US investment grade credit.

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

Morgan Stanley’s investment banking division did less well in the third quarter than the overall business, where a gain booked from a fall in its own credit helped drive a 46% year on year increase in net revenues.