Pre-migration untagged articles

On top of the unprecedented activity in the securities arbitrage sector, another five ABCP conduits are expected to come to the market in the first three months of 2006. At least two US issuers are looking to set up asset backed EuroCP programmes in January and February.

Action in the financial institutions market provided some of the main highlights of the European bond markets this week.

Action in the financial institutions market provided some of the main highlights of the European bond markets this week.

IDX Capital, a new, low cost provider, entered the CDS electronic trading market this week. One of the first innovative features of its system is that it is the first to incorporate a so-called "aggressor only" commission fee.

There was plenty of business in the single name CDS market this week, said dealers. As year-end looms, there had been some portfolio hedging, which has been met by shops going long credit in preparation for CDO business. There have been a number of structured trades in the last two weeks, and dealers said it looks like there will be more before 2006 starts.

It is not always easy bringing an inaugural bond to the capital market, especially in December — issuers are certain to get a lot of attention as flow business dries up. This week, the snipers were out for UK insurer Royal London Mutual's inaugural £400m deal, an upper tier two capital issue led by Merrill Lynch (books) and UBS.

In league table one this week, Goldman Sachs moved up two slots to take 15th place from ABN Amro. One of Goldman's deals included a ¥3bn 30 year power reverse dual currency deal for Svensk Exportkredit.

Christmas invitations have started to arrive thick and fast, and considering that we were unable to walk for five months this year, we are grateful to be included at all.