Pre-migration untagged articles

The subordinated market looked — and proved to be — an open and receptive sector for issuers this week, whether issuing tier one or lower tier two debt.

It was business as usual in table one this week with Citigroup remaining on top after printing $507.4m in 21 deals. Among the bank's deals was a Eu36.7m five year ticket for DNB Nor Bank and a ¥1bn note for the World Bank.

Ofwat, the UK water regulator, this week moved to protect the sector's financial stability by announcing that it would modify companies' licences to include a cash lock-up provision in the event of a company being downgraded below investment grade.

UK prime residential mortgage issuers, including HBOS, the country's largest securitiser, are considering diversifying into more exotic currencies to achieve their funding goals.

Thank you to the kind market commentators who have been quick to point out that September has historically been a dismal month for markets.