Pre-migration untagged articles

After enjoying a bumper run in the structured EMTN market for the past 18 months, bankers in London believe that the constant maturity swap-linked (CMS) product is now exhausting its appeal for investors. CMS notes offer investors partial protection against a future rise in interest rates. The fear of aggressive rate hikes in the US and euro area have buoyed the market during the past year.

Kazakhstan's Bank Caspian showed a steely resolve on Tuesday when it pressed ahead with a $150m Eurobond debut despite the sell-off in emerging market debt since Wednesday last week.

Two more US companies are to take out loans to repatriate profits from foreign subsidiaries under the American Jobs Creation Act.

There was a flurry of activity in the tables this week, with SG CIB capturing the 16th spot from ABN Amro in table one. The French bank led two deals, including a Eu100m two year floating rate note for the Commonwealth Bank of Australia.

SIGN OF THE TIMES

After months in which the conundrum of low medium-term yields persisted in the face of a tightening monetary policy, the Fed's message appears to be getting through at last. The 10 year Treasury backed up to a high yield of 4.50% yesterday, before rallying back to 4.47%. These yields are at six month highs and swap spreads were dragged wider as a consequence.