GLOBALCAPITAL INTERNATIONAL LIMITED, a company

incorporated in England and Wales (company number 15236213),

having its registered office at 4 Bouverie Street, London, UK, EC4Y 8AX

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Pre-migration untagged articles

  • FMS Wertmanagement, the German agency set up to manage the unwanted assets of Hypo Real Estate Group, has signed a Eu40bn multi-currency ECP programme, and is also looking to set up an MTN programme after selling a handful of standalone deals. Meanwhile, Erste Abwicklungsanstalt, the bad bank agency for WestLB, is finalising its own MTN programme, due to be launched imminently. Two large new agencies, and more expected to join later this year. Are the MTN and CP markets in danger of becoming overcrowded? Read EuroWeek on Friday for reaction and analysis.
  • French issuance powers on with four benchmark issues in as many days, of which Société Générale is the most recent, launching a 12 year deal on Wednesday morning. Banco Popular Espanol is also in the market with a two year cédulas hipotecárias, after peripheral jurisdictions were buoyed by the success of the latest EFSF transaction. The activity in the non-euro space continues, with Bank of Canada pricing a $1bn deal off the most oversubscribed order book thus far this year, while Westpac begins a roadshow for its inaugural euro issue. Read EuroWeek on Friday to find out how primary market activity unfolds this week.
  • Europe’s sleepy corporate bond market burst into life this week, with six borrowers printing benchmarks on Monday and Tuesday. Among them were the first Spanish deals — from Telefónica and Iberdrola — since October and a Eu750m note from Energias de Portugal. All three were heavily oversubscribed, Telefónica raising over Eu10bn of orders for its five year bond. More supply is due on Wednesday, with Spain’s Gas Natural having launched a benchmark six year deal, which Bankers expect it to be similarly popular. Read EuroWeek on Friday to find out why.
  • French covered bond supply is continuing to perform in line with analysts’ predictions that France will be the dominant jurisdiction by issuance this year. Dexia Municipal Agency and Banques Populaires sold 10 and seven year deals respectively, while Crédit Agricole priced its second covered bond of 2011 on the back of one of the largest orderbooks in recent weeks.
  • Not to be outdone by its neighbour France, Germany also had three covered bond issuers in the market this week. HSH Nordbank and Aareal Bank launched straightforward Eu500m short dated transactions, while BayernLB tapped the covered market for a Eu1bn five year public sector issue.
  • The UK’s subsidiary of Santander this week priced a Eu750m seven year UK regulated covered bond in line with guidance at 150bp over mid swaps. Though the bookbuild appeared to be smooth, those close to the deal said it was far from straightforward, in large part owing to the pricing challenges it faced with respect to its parent company, Santander.
  • Asian demand drove through some big long-dated trades for sovereign and agency names while the Kingdom of the Netherlands continued to print large tickets at the very short end, during a week that was otherwise quiet for SSA issuance.
  • Europe’s politicians are just not getting the message. Yet again they did their level best this week to wreck already fragile bond markets by failing to keep their mouths shut.
  • Iberian sovereigns and agencies secured access to the MTN market at impressive volumes this week, as public deals from Spain and ICO thawed market sentiment towards credits in the region.