Pre-migration untagged articles

Last month was the busiest August on record for high grade new issuance in dollars, with $45bn of offerings.

From windy Frankfurt, our discipline-obsessed bureau chief, Heidi von Grippenutz, says that the city is swarming with furtive predators, distressed debt traders and other ne'er do wells. Only two years ago, German assets were virtually unsaleable and both the country and the economy were going to the dogs.

The bond market showed the first signs of life this week after the summer break. Despite most syndicates raring to go for the traditional September rush, issuance in the market was limited — many borrowers are still hampered by the requirements of the EU Prospectus Directive.

The bond market showed the first signs of life this week after the summer break. Despite most syndicates raring to go for the traditional September rush, issuance in the market was limited — many borrowers are still hampered by the requirements of the EU Prospectus Directive.

Retail currencies

Dollar swap spreads narrowed this week as bond bulls seized the initiative once again. Treasury and swap rates dropped sharply across the curve, with the 10 year swap, for example, declining by 18bp. This dragged swap spreads further south, and the curve flattened sharply.

Widening in US insurance names following Hurricane Katrina was tempered at the end of the week as there was a move to take advantage of the more attractive spreads to package synthetic CDO business, said US dealers in New York.

Deutsche Bank regained second position in league table one this week, overtaking Barclays Capital. The German bank released 10 deals for over $750m equivalent. The pick of the deals was a $200m one year trade for Spintab. A second trade of note was a $190m five year sterling ticket for the European Investment Bank.

PetroChina, China's biggest oil company, raised $2.4bn in an overnight bookbuild on Wednesday, It is believed to be hunting for acquisition opportunities to maintain the country's oil supplies and to fund its massive industrialisation and modernisation drive.