Pre-migration untagged articles

Islamic investment funds — long disapproved of by Egypt’s previous political regime — are about to enjoy a revival in the country. This week the Egyptian Financial Supervisory Authority and the Central Bank of Egypt approved the launch of two Islamic equity funds that target Egyptian and foreign retail investors.

Bank Nederlandse Gemeenten (BNG) on Wednesday set out to defy bankers that had said last week that a Dutch name might struggle to print a deal even if their credit quality was impeccable. The argument had been that investors preferred very liquid issuers, but BNG — and L-Bank, which has also launched a deal — has been emboldened by other names in the market, including the World Bank and German names.

Although at least one bank is roadshowing, wholesale markets for banks remain firmly closed this week, leading analysts to ponder the potential return of government guaranteed funding for European banks. The idea is that the EFSF could back covered or unsecured debt issues.

After a 19 week streak of net inflows to emerging markets bond funds, redemptions from funds with hard and blend currency mandates outstripped modest inflows into local currency funds.

Market participants say mezzanine is set to play a more prominent role in leveraged finance this year, after huge outflows from high yield and dwindling demand for senior-secured loans.

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

While bargain hunters piled into stock exchanges in Europe and the US on Tuesday, corporate credit market suffered. The Markit iTraxx Crossover recovered by 11bp to 580bp on Wednesday morning after Tuesday’s equity buying. The index had widened to new 2011 highs on Tuesday and closed around the 590bp mark.

The UK’s banks are in the spotlight again, after their regulator opened discussions on resolution and recovery plans (RRPs). The FSA launched a consultation on Tuesday, proposing that all the UK’s banks submit their first RRPs by June next year.

European Central Bank buying of Italian and Spanish bonds this week has pushed those countries' 10 year yields down to around 5.09% and 5.01%, respectively, from well over 6% last week.

Dubai has given loans bankers good and bad news this week. It is solvent and can pay back its debts, but the emirate’s investment vehicle Investment Corporation of Dubai has cancelled its $2.8bn refinancing loan, instead opting to repay the full $4bn that matures on August 20.

Exotix, the London-based brokerage, has hired a team from Mizuho International to launch an alternative financing group (AFG) aimed at companies in emerging markets.