Pre-migration untagged articles
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The world looks different this week. At the end of last week traders had thought that the economic impact of Hurricane Katrina and the inflated price of oil might lead the Federal Reserve to suspend its "measured" interest rate increases.
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Bankers reported a surge in activity in the ECP market yesterday (Thursday), with over $15bn of new issuance flows. They also reported a positive reception to HSBC's new sponsored SIV, Cullinan Finance.
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The European Investment Bank yesterday (Thursday) awarded Credit Suisse First Boston, JP Morgan, SG and UBM the mandate to lead its long awaited Eu5bn 10 year Earn. The deal is expected to launch next week.
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The financial institutions bond market burst back into life this week as a host of borrowers including BBVA, Depfa, ING and Nordea priced subordinated trades and the likes of Fukoku Mutual Life, Scottish Widows and SEB announced bank capital deals for later this month.
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Traders fear that if interest rates rise sharply from 3.5% in the US and 2% in the euro area, the development of the CMS market, in terms of new issuance, could well be curbed.