Pre-migration untagged articles

Evonik Industries has launched a buyback of up to €500m of its €1.25bn 5.125% 2013 notes. The German speciality chemical company is offering a purchase spread of 95bp over the interpolated mid-swap rate on October 21.

While the strain on bank funding has loosened this week, the focus firmly remains on capital positions. Contingent capital and asset protection schemes are back on the agenda as potential bolstering tools.

Synthetic indices are holding up and the high yield secondary market opened only a touch softer on Wednesday, despite Slovakia’s "no" vote on the expansion of the EFSF. The Markit iTraxx Europe only widened 0.3bp on Tuesday’s close to 179.3/180.3, while the Crossover even tightened 4.5bp to 767bp at around 10am London time.

Emerging market bonds have rallied this week, bringing hope to syndicate bankers that the drought of CEEMEA new issues may be coming to an end, despite continuing outflows from emerging market bond funds.

Investors are taking a bolder attitude to risk this week, brushing aside fears of a lack of resolution on European bank recapitalisation and the expansion of the European Financial Stability Facility (EFSF). Some SSA issuers are benefiting, even if higher-rated triple As are not.

KfW brought a new Norwegian krone benchmark on Wednesday, responding to investor demand in a market that has been lacking triple-A issuance for a fortnight.

Morgan Stanley jumped four places to third in the structured table, which this week excludes self-led deals. Its latest deals were a commodity-linker in dollars for Rabobank and a pair of equity-index linked trades in euros for BNP Paribas.