Pre-migration untagged articles
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UK pipe systems supplier Polypipe was the only high yield issuer this week, but a volatile market forced the leads to price the bond wider than initial guidance.
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The headline people story in EuroWeek 10 years ago was the decision by Gene Shanks, president of Bankers Trust, to step down. This followed the appointment of Frank Newman as the bank's chairman-elect and CEO. "The decision is a blow for Shanks, who until recently was seen as heir apparent to Charlie Sanford [who had announced earlier in the year he planned to retire as chairman] and who has played a major role in establishing Banker Trust's leading position in derivatives and investment banking."
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Mitsubishi UFJ Securities broke into league table two this week, knocking Nomura off the chart to take 20th position. The Japanese bank led a ¥1bn 20 year, interest rate-linked coupon for Lloyds TSB Bank. Elsewhere in the table, Calyon moved up one slot to 13th pushing Merrill Lynch down to 14th. The French bank led 31 deals over the week, among them was a Eu50m 20 year constant maturity swap rate linked note for HBOS.
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Leveraged finance banks gained a few feet in their tug-of-war with private equity firms this week when the French fund LBO France offered banks an equity kicker to sweeten the financing for its buy-out of tile maker Terreal.
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Leveraged finance banks gained a few feet in their tug-of-war with private equity firms this week when the French fund LBO France offered banks an equity kicker to sweeten the financing for its buy-out of tile maker Terreal.
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Mortgage related paying of fixed rate took dollar swap spreads off their lows yesterday (Thursday) despite big issuance in the debt market. "We have had $6bn-$7bn today, but swap spreads have widened, so something big is going on," said a dealer in New York. Going into the close in New York yesterday, the two year swap spread was at 42.75bp, the five year was 47bp, the 10 year was 49bp and the 30 year was 48.75bp.