Pre-migration untagged articles

Italian car maker Fiat sold a Eu1bn high yield bond this week, less than a month after Sergio Marchionne, the company's CEO, said Fiat had no need to issue in the first half of this year. Last week Marchionne conceded that conditions were "ideal" for issuance as Fiat went on a roadshow visiting London, Milan, Paris, Frankfurt and Zurich.

It was all about single names in the credit default market this week. Structured business was much less important than has been the case lately, and event risk contributed to a market that felt weaker and more jumpy, noted dealers.

President Lula Inácio da Silva of Brazil is considering scrapping the 15% withholding tax foreign investors have to pay on the country's domestic government bonds, opening the gates to what could be a flood of overseas investment in Brazilian securities.

Credit derivatives broker GFI broked the first European tranchelet trade this week. The five year Europe 1%/2% tranche was traded at 1,090bp running. GFI said it is broking other tranchelets as well, including the five year 0%/1% and 2%/3%.

Cassa Depositi e Prestiti launched a Eu2bn three year transaction this week, taking advantage of the strong demand for short dated paper in the covered bond market.

Crédit Foncier de France is set to price the first 50 year triple-A benchmark since Agence France Trésor opened the maturity last year when it prices a Eu1bn obligations foncières today (Friday).

ABN Amro has restructured its European capital markets division, bringing together parts of its financial institutions debt and securitisation operations. "In Europe, we have decided to integrate our consumer ABS and our FIG DCM businesses into one group, which is going to be called FIG capital markets," said Justin May, global head of DCM, formerly responsible for financial institutions group (FIG) DCM.