Pre-migration untagged articles

The primary benchmark market appears to have shut down for the remainder of the year, as even taps, for which syndicate officials said the market could be open this week, have failed to materialise. Meanwhile, Anglo Irish Bank Corp is offering to buy back, at par, around Eu168.13m of UK mortgage backed floating rate covered bonds denominated in euros and yen that are due to mature in 2012. Read EuroWeek to find out more about the Irish bank’s move.

Sberbank’s $2bn three year loan — the largest syndicated loan for a Russian bank — has had a lacklustre retail response during syndication, bankers report. The deal, set to be signed next week, had 14 banks at the top level. Syndications in the CEE have proved more damp squib than slow burn and as 2010 draws to a close loans bankers hope 2011 will prompt a retail revival. Read EuroWeek on Friday for more.

Water treatment firm Nalco launched a $1bn high yield offer on Wednesday into the European market which is still open for business in the run up to the end of the year. It follows ConvaTec Healthcare, which set out earlier this week to raise $1.87bn in euros and dollars to refinance debt. These deals come as high yield bankers voice confidence for 2011 with Barclays estimating issuance in Europe will reach Eu50bn next year. Friday's EuroWeek takes a closer look at how the market is shaping up.

Düsseldorfer Hypothekenbank is defying the European FIG market shutdown by marketing a three year government guaranteed deal. It is expected to launch and price on Thursday at around 5bp over mid-swaps. The trade is the first in weeks for a euro market overcome by nerves about sovereign debt. Turn to EuroWeek on Friday for details on how the market receives it.

Discontent rumbles in Europe about a European consolidated sovereign bond and whether or not the size of the EFSF will be increased. But the main thing on bankers’ and investors’ minds is supply in January and how it will –– or will not –– get taken down. Turn to EuroWeek on Friday to find out who will be issuing what in the New Year.

German cable network operator Kabel Deutschland has refinanced its balance sheet again, taking up a Eu400m loan to replace its high yield bonds. Underwriters BNP Paribas and JPMorgan this week launched syndication of the loans, which further extend the maturity of KDG’s debt. It comes as KDG has already extended Eu1.66bn of debt in 2010. To find out more, read EuroWeek this Friday.

The Province of Ontario is adding a final flourish to 2010 with a seven year transaction. Guidance was given at 40bp-42bp over mid-swaps and the deal ticks the maturity box as it suits the buying tastes of yield hungry investors. Two other issuers are also said to be looking for opportunities in the dollar market. But are there still enough investors around to get a decent deal away? Find out in EuroWeek on Friday.

Alburn Real Estate has added to its tender offer on the REC 6 CMBS portfolio, offering Class A noteholders 80% instead of 75%. The offer, financed by real estate firm Highcross, aims to secure enough support to collapse the entire CMBS structure. However, some class A noteholders are unhappy with the proposed levels. Read EuroWeek on Friday for the latest on the troubled transaction.

Demand in the syndicated loan market is staying strong through December, as bankers working on a controversial seven year deal for Swedish telecoms firm Teliasonera expect the Eu1bn deal to be oversubscribed. The eurozone sovereign crisis has yet to hit the market, and an amend and extend facility for Greece’s Titan Cement is already subscribed with more commitments to come. To find out more, read EuroWeek this Friday.

Concern over Europe weighed heavily on sentiment in the CP market this week, while top quality European SSA names continued to benefit both from a favourable euro-dollar basis swap and a flight to quality mentality among increasingly wary investors.

Low levels of new issuance drove competition this week, as MTN dealers fought over what business there was.