Pre-migration untagged articles

US banks and brokerage firms flooded the new issue market with almost $7bn of short dated floaters this week, taking advantage of the only part of the new issue market that does not require new issue concessions. "You wouldn't know the market was still choppy if you just looked at the short end of the floater market," said a head of US high grade syndicate in New York. "There is absolutely no sign of borrowers paying new issue concessions on these deals."

The £400m non-step-up tier one perpetual non-call 10 year for Northern Rock dominated proceedings in an otherwise quiet market for European tier one issuance this week. After the volatility of the past three weeks, the pause was welcomed by bankers ahead of Axa's Eu2bn tier one transaction. Roadshows for the jumbo deal end on June 29.

The EuroCP market began the week with steady flows, which dwindled as the week progressed. However, a couple of bankers said their desks experienced strong issuance throughout.

The potential breadth and depth of the international mortgage capital markets expanded this week as Countrywide Financial, the US mortgage lender, launched the first securitisation of US home equity loans in euros.

The potential breadth and depth of the international mortgage capital markets expanded this week as Countrywide Financial, the US mortgage lender, launched the first securitisation of US home equity loans in euros.

The potential breadth and depth of the international mortgage capital markets expanded this week as Countrywide Financial, the US mortgage lender, launched the first securitisation of US home equity loans in euros.

Barclays Capital has been added to the dealer panel on the EuroCP arm of Skandinaviska Enskilda Banken's $15bn global CP programme, to help increase its EuroCP outstandings.

Bankers reported a busy start to the week in the EuroMTN market this week, but said activity tailed off as the Euromoney Global Borrowers' and Investors' Forum got under way on Tuesday.

Dollar swap spreads widened about 0.75bp yesterday (Thursday) as the market waited for next week's FOMC meeting and the expected rate increase.

Dominion Resources breathed cheer into the US hybrid corporate bond market this week with a $300m offering that is the first deal from a non-financial borrower this year. The 60 year non-call 10 transaction, jointly structured and led by Goldman Sachs and Merrill Lynch (with Lehman Brothers as a passive lead), attracted a book of about $1bn. This was despite the absence of insurance company bids because of the NAIC's reclassification of certain hybrids as common equity.