Pre-migration untagged articles

German wind-down agency Erste Abwicklungsanstalt (EAA) printed Eu220m of one year floaters this week, offering investors a pick-up over NRW.Bank, which is also backed by the Federal State of North Rhine-Westphalia.

For much of last year, Spanish borrowers raged at the injustice of being lumped together with Portugal, Ireland and Greece. "Never mind the quality — feel the fundamentals" went the cry.

Dealers of private EMTNs: Non-syndicated deals for less than $250m excluding financial repackaged SPVs, slef-led deals and issues with a terms of less than 365 days

NRW Bank bucked this week’s trend of sovereign, supranational or agency issuers selling zero callable private placements or currency plays, when it printed a Eu300m two year floater through Barclays Capital.

European Central Bank president Jean-Claude Trichet threw the commercial paper market into turmoil on Thursday afternoon, by hinting that the ECB will raise interest rates at its next central bank meeting.

Bank of Cyprus is planning to issue the first convertible contingent convertible (Cococo), which will mark the next development in the asset class. As the deal is not from a top tier name it is likely to stir interest among other issuers that might not enjoy the same access to non-dilutive forms of contingent capital as top tier names. The pricing of the deal in particular is likely to pique other borrowers’ interest.

Erste Abwicklungstalt (EAA) is planning its first benchmark deal, it announced on Wednesday. Elsewhere, Ico issued a 10 year euro deal on Tuesday that demonstrated the strength of Spanish credits. The borrower and its sovereign will hope that this has chased away any lingering worries about Iberian sovereign contagion.

As unrest in Libya continues, emerging market bond funds continue to lose money, with $1.4bn withdrawn last week. But the primary bond market is revving its engine, and several credits, including Akbank, Lithuania, International Petroleum Investment Co and Russian Home Credit and Finance Bank are roadshowing.

SES Global Americas and RCI Banque launched the first deals of the week in Europe’s corporate bond market on Wednesday.

The European Investment Bank impressed dealers this week, printing large pieces of commercial paper without having to widen levels to make them more attractive.

Instituto de Crédito Oficial took advantage of money market fund demand this week, selling a Eu150m puttable floating rate note through Société Générale. The deal had a wider average coupon than its last puttable note — sold earlier this month — which more than halved pricing achieved for similar issues in January.

Dealers of private EMTNs: Non-syndicated deals for less than $250m excluding financial repackaged SPVs, self-led deals and issues with a term of less than 365 days