Pre-migration untagged articles
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Another rush of structured business in dollars and euros has kept indices stuck at the low end of the recent ranges. At the close yesterday (Thursday), the iTraxx Europe Index was pinned at 34.25bp choice, while the Crossover was at 275bp and the HiVol was 62.5bp/63bp. These indices will be rolled next week (see below).
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Covered bond investors welcomed new issuers with open arms this week as ABN Amro Bank and Sampo Housing Loan Bank each attracted almost Eu6bn of orders for their inaugural issues.
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A relatively quiet year for corporate securitisation will spring to life today (Friday), when Southern Gas Networks and Scotland Gas Networks formally announce a large debt refinancing.
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Banks are under pressure to get their houses in order regarding credit default swap trade confirmations.
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The market for subordinated debt from financial institutions continued to shine this week as HSBC Bank, MAN Group and SEB all priced oversubscribed deals.
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The niche currency sector was dominated this week by General Electric Capital Corp (GECC) which brought its second Kiwi dollar global offering of the year.
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Citigroup's reign at the top of table one continues for another week. At the close of play yesterday (Thursday) the bank had built a solid lead of over $7bn on its nearest competitor, Deutsche Bank.
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Temasek Holdings, the direct investment arm of the government of Singapore, achieved a near-perfect reception for its first ever international bond issue this week — but only after Goldman Sachs and Morgan Stanley were brought into the lead manager group at a late stage and JP Morgan dropped out.