Pre-migration untagged articles

The Italian Ministry of Economy and Finance has produced draft secondary legislation for Italian covered bonds, which are expected to hit the market in 2006. Primary legislation was passed in April outlining the broad structure of Italian covered bonds (obbligazioni bancarie garantite — OBG), but the secondary legislation will determine the details of the product.

Korea Development Bank hit back this week against its funding rival, the Export-Import Bank of Korea, by launching another extraordinarily tightly priced floating rate note, but struck only a glancing blow.

Leak would like to thank SG CIB for a cracking press party this week. We were invited to Mayfair's Kilo bar for a night of champers and canapés. The star of the French DCM market must have got a good deal on the local produce, as the blond and fizzy was flowing all night.

RCI Banque, the finance arm of French car maker Renault, tapped European retail investors yesterday (Thursday), issuing the inaugural trades from its Eu12bn EMTN Internotes shelf. It is not known how much RCI issued but EuroWeek understands that it intends to fund between 5%-10% of its overall borrowing requirements through the platform, which is managed by Incapital Europe and Banc of America Securities.

Is there something slightly unattractive about a group of dinner party guests still pretending to be hungry and picking over the bones of a slightly pungent chicken carcass when the best bits have already been removed? The legs and wings went long ago when the poor bird tried to fly away. Now all you hear is the snip of game scissors on bone.

Not long ago in these columns, we observed that the best bond houses in the Euromarkets, including Deutsche Bank and Barclays Capital, believed that they could continue to earn returns of 20% from fixed income. "What have they been smoking?" came the response from several investment banking competitors and hedge funds. Their view was that the great bond honeymoon was over after almost four glorious years; that interest rates were about to spiral; and that flattening yield curves had taken all the fun out of the famous carry trades.

Citigroup scored a coup this week by becoming the first bank to crack the code of structuring tax-deductible hybrid securities for US corporate issuers. Having jealously watched European companies enjoy the benefits of tax-efficient hybrid deals, US firms have been trying all year to find a capital structure that won significant equity content of at least 50% from the rating agencies, but was still considered debt from a legal, accounting and tax point of view.

Citigroup scored a coup this week by becoming the first bank to crack the code of structuring tax-deductible hybrid securities for US corporate issuers.

Svenska Handelsbanken achieved the tightest ever spread on a public upper tier two transaction in sterling this week with a £500m 10 year non-call five issue. Lead managers Goldman Sachs, Handeslbanken Markets and UBS said early soundings for the issue suggested a price range of the mid to high 60s over Gilts and the 67bp area was selected as the official guidance.

After making its debut in league table one in 20th place three weeks ago, RBC moved up two positions to take the 18th slot. The Canadian bank led two deals during the week for around $261m. One of RBC's deals included a £100m seven year 4.75% trade for the EIB.