Pre-migration untagged articles

This week's new issuance in the US corporate bond market gave investors a taste of what they hope will be one of the best months on record in March, with Comcast, United Health and Credit Suisse all bringing multi-tranche, multi-billion dollar deals on Monday.

Wachovia Securities has hired a new chief executive for its European corporate and investment bank — Atul Bajpai, global head of debt principal finance and securitisation at Dresdner Kleinwort Wasserstein.

Wachovia Securities has hired a new chief executive for its European corporate and investment bank — Atul Bajpai, global head of debt principal finance and securitisation at Dresdner Kleinwort Wasserstein.

The US swap rate curve reversed its inversion this week as stronger data inflated long term yields and dealers took off curve bets. Swap spreads widened sharply on Wednesday and yesterday (Thursday) as cash yields rose. Five and 10 year spreads moved out by 1bp on Wednesday, and by another 1bp yesterday. Going into the close in New York, the five year stood at 48.25bp and the 10 year was at 54.5bp. Meanwhile, the two year was at 42.75bp and the 30 year was at 59.75bp.

Just as we hoped that Dresdner Kleinwort Wasserstein might be recovering its composure, it was sent crashing to the canvas for a mandatory count of eight.

Banco Fibra has increased the size of it EMTN programme from $250m to $500m.

Following Fitch's downgrading of Iceland's long term credit rating last Tuesday, and the subsequent shake-up in the foreign exchange markets, investors have been busy in the non-core and emerging currency markets this week.

South Africa's state-owned electricity company, Eskom, successfully returned to the international bond markets with its largest and tightest euro deal on Tuesday when Calyon, JP Morgan and local player Regiments priced Eu500m of seven year bonds with a coupon of 4% and spread of 50bp over mid-swaps. The euro bond is the first from the A2/BBB+ rated borrower since it paid 5.5% — equivalent to 200bp over mid-swaps at launch — for its Eu200m three year bond in October 2002 through Crédit Agricole Indosuez and Dresdner Kleinwort Wasserstein.

German insurer Allianz this week concluded the financing for its acquisition of Riunione Adriatica di Sicurtà with a Eu800m retail targeted tier one issue — its first such deal in euros.

Financial institutions stole the show in the credit markets this week with a plethora of deals, while players in the European corporate bond market squabbled about investor protection.

Financial institutions stole the show in the credit markets this week with a plethora of deals, while players in the European corporate bond market squabbled about investor protection.

The Federal Republic of Germany will launch its long-awaited inflation-linked bond debut next week, a Eu5.5bn 10 year issue that will cement the product's place in the mainstream of the euro debt market.