Pre-migration untagged articles

A rethink by the ECB about its bond buy-back programme and its purchase of Portuguese government debt on Tuesday has calmed markets, bringing spreads in on much of the periphery’s government debt. A successful Eu500m 12 month bill auction by Portugal has also had a soothing effect. The next hurdle is Spain’s Eu2.75bn three year auction on Thursday. If successful, will FADE, the Spanish Electricity Deficit Amortisation Fund finally be able to issue its expected Eu2bn+ transaction, to be led by BBVA, BNPP, CA-CIB, Goldmans and Santander? Sources say the deal could come as early as Friday.

Two US firms are keeping the primary euro high yield market alive, with car parts maker Mark IV Automotive and clothing brand Quicksilver marketing offers to each raise Eu200m. In a return of higher risk paper, frozen food retailer Picard even placed a Eu38m PIK note on Tuesday. But with secondary markets widening sharply over sovereign debt concerns, how long will it take for new issuance to shut down? Turn to EuroWeek on Friday.

Konkola Resources bowed to the eurozone debt crisis and on Tuesday postponed its planned $1.1bn plus London IPO after two weeks’ pre-marketing but before formally launching the deal. India’s Vedanta Resources was planning to sell a stake in the Zambian copper business through a Goldman Sachs and JPMorgan-led deal. Read EuroWeek on Friday for the full story.

The nights are drawing in across Europe. Temperatures are plummeting. They mirror the increasingly dark and icy atmosphere descending on euro sovereign bond markets.

Dealers of private EMTNs: Non-syndicated deals for less than $250m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of less than 365 days

Credit Suisse and Sampo Housing Loan Bank braved a volatile market this week to price five year benchmark covered bonds, with the perceived strength of the issuers and the collateral backing the bonds fuelling demand for the transactions.

The next victim

PIRAEUS Bank and ATE Bank are setting up Greek covered bond programmes, officials at the issuers this week told EuroWeek’s sister publication The Cover.

Sovereign, supranational and agency issuers took advantage of rising dollar swap rates this week to sell deals in dollars at more attractive yields. In particular, issuers got away several callable zero trades, driven by Asian demand.

IMN and members of the Association for Financial Markets in Europe and the European Securitisation Forum are to move the Global ABS conference to Brussels for 2011, after two years based in London.