Pre-migration untagged articles

The Republic of Hungary launched a successful ¥50bn ($425m) Samurai bond this week, underlining the strong following it has in the yen markets. Despite being assigned a negative outlook by Standard & Poor's in January, Hungary was able to double its deal from an original ¥25bn in response to strong demand.

The Inter-American Development Bank's $1bn five year global bond was an easier sell than KfW's 10 year.

The Inter-American Development Bank's $1bn five year global bond was an easier sell than KfW's 10 year.

A marked change in the investment policy of central banks worldwide is drawing triple-A issuers to bring deals in sterling as the central banks seek to diversify out of dollars and euros. KfW and Instituto de Crédito Oficial, the German and Spanish development banks, benefited from the shift last Friday, raising £400m and £300m, and this week Network Rail has capitalised on the keen appetite.

CIF Euromortgage reaped the rewards of its market-friendly issuance strategy and the heavy marketing of its credit by pricing a Eu1bn seven year issue at 1bp through mid-swaps this week. It is the first benchmark from the issuer to be priced through mid-swaps and demonstrates the progress that CIF Euromortgage has made in overturning its old reputation as the weakest and cheapest of the French obligations foncières credits.

Merrill Lynch has provided a Z600m ($184m) warehouse financing facility to Dominet Bank, secured on a revolving portfolio of auto loans. The deal, likely to be refinanced at some point early next year with a term ABS, is thought to be the first securitisation of the asset class in Poland.

Depfa ACS Bank launched its first benchmark euro covered bond for over a year this week, a Eu2bn five year asset covered security that forms part of its reduced funding needs for the year. The five year is also its first in the benchmark maturity since February 2003 when Depfa opened the Irish covered bond market.

It was a busy week across all sectors and currencies in the CP market, with steady volumes, despite the fact that no new names brought inaugural tranches to the market.

AyT Cédulas Cajas Global reached its tightest ever funding level this week, achieving mid-swaps flat for a rare Eu1.5bn five year that formed part of a Eu3.1bn transaction.