Pre-migration untagged articles

Why is it that so many Euromarket practitioners and observers appear to get an attack of mental paralysis whenever you mention JP Morgan Chase?

The euro swap curve steepened considerably this week, following developments in the US market and Germany's disappointing Eu5.39bn sale of 30 year paper on Wednesday. There were also reports that Japan might end its zero interest rate policy in the near future. All these factors contributed to selling and curve steepening.

Fundraising through dual tranche transactions was all the rage in the senior financial sector this week, allowing market participants to closely judge relative demand for fixed and floating product.

BlueBay starts up in US

The auction of £650m nominal of 50 year index-linked Gilts on Tuesday failed to spark the feeding frenzy predicted a week earlier, as pension fund demand sent the yield on the linker spiralling to 0.38%. The issue was covered 1.75 times, a far cry from the three times being talked of before the auction, despite the yield on the bond at auction reaching just 0.46%, the lowest real yield since linkers were first sold in 1981.

US bond investors' craze for hybrid capital securities reached a new height this week as they showered Wachovia with $10bn of orders for a creative and controversial $2.5bn tier one offering.

US bond investors' craze for hybrid capital securities reached a new height this week as they showered Wachovia with $10bn of orders for a creative and controversial $2.5bn tier one offering.

US bond investors' craze for hybrid capital securities reached a new height this week as they showered Wachovia with $10bn of orders for a creative and controversial $2.5bn tier one offering.

Latin American issuers flooded the international markets with about $3.4bn of bonds this week, to take advantage of the continued blind rush of investors into emerging market debt, in spite of dangerously tight spreads.

The Mexican peso market has got off to a dynamic start in 2006, with two large issues. KfW kicked the year off on January 18 with a Ps500m five year trade, paying a coupon of 8%, and now the Province of Quebec has entered the fray with a Ps1.5bn transaction led by Merrill Lynch. The deal matures in 10 years and pays a coupon of 8.27%. These issues confirm predictions that the peso's appearance last year was no short term high yield play, and the Quebec deal's dual listing — in Mexico and London — suggests that interest in peso denominated bonds is not confined to the European retail investor market.

Should we be feeling slightly sorry for Andrew Pisker, the debonair tennis ace who was deposed as chief executive of Dresdner Kleinwort Wasserstein last November?

Poland returned to the Eurobond market on Tuesday, selling a Eu3bn 10 year bond that met with a less rapturous reception than had been expected for one of the most well regarded new European sovereign benchmark issuers.