Pre-migration untagged articles

The summer lull has yet to hit the subordinated financial institutions market, and issuance continued apace this week. While volumes were nothing like last week, when Axa raised Eu2.25bn equivalent in euros and sterling, issuers were still able to raise impressive amounts in the market.

In league table one HSBC climbed a slot to take fifth position as did Merrill Lynch moving to 15th. Nomura re-entered the table in 19th position. Two of Nomura's deals included a ¥500m 15 year equity-linked note for Eksportfinans and a Eu4.5m 15 year range accrual note for Commonwealth Bank of Australia.

Terra Firma Capital Partners, the private equity fund run by Guy Hands, is readying a Eu5.5bn securitisation to refinance 164,000 German flats, mostly bought last year from E.On, the utility group.

European CDS trade flows in June were only slightly lower than in May, making it the second most active month this year, said Deutsche Bank this week. The iTraxx HiVol and Crossover indices were very active, taking 33% and 29% of the total index flows respectively.

KfW, the German state development bank, launched a Eu250m 12 year inflation-linked bond last Friday, amid growing investor concern that euro zone inflation is on the rise.

Not content with heading a thriving EMTN business, Kentaro 'I'm happiest when working' Kiso has taken over running Barclays Capital's frequent borrower DCM business this month as well.

Linde, the German industrial gases company that opened the corporate hybrid capital bond market three years ago, will today (Friday) become the first company to issue a second hybrid deal, and the first to sell one in sterling.