Pre-migration untagged articles

Weaker European sovereigns like Portugal and Spain still face a strong risk of contagion from the eurozone debt crisis despite Ireland’s imminent rescue financing and Thursday’s successful Spanish government bond auction, analysts have warned.

Gracechurch Card Funding has launched the first dollar credit card ABS from the UK since before the sub-prime crisis. The asset class makes a lot of sense for US investors, coming wider than domestic products but with similar regulation and structures. Barclays has certainly spruced up Gracechurch Cards, but will this be enough to get it out of the door? Read EuroWeek on Friday.

While Ireland worries rock the macro-economy, the investment grade loan market continues unabated, with Statoil and Imperial Tobacco launching deals on Wednesday. Borrowers, especially from France, Germany and the Nordic countries, can attract increasingly aggressive pricing. To find out more, read EuroWeek this Friday.

As EU and IMF officials begin work on the ground in Ireland, markets wait to see whether the Irish government will cave in to external pressure and request financial assistance. If it does, then it could access the Eu60bn EU bail-out fund quickly, and follow that with more complex EFSF funding. Read EuroWeek on Friday for full analysis of how different asset classes are responding to the uncertainty, what the first EFSF deal might look like — and why the loan market is still open to Irish borrowers.

Italian gaming group Lottomatica has mandated Credit Suisse, Deutsche Bank and Mediobanca to arrange a Eu300m hybrid bond, making it the first European company from outside the utilities sector to turn to the product this year. Moody’s will rate the deal Ba2, making it a rare sub-investment grade hybrid note. Pricing is expected next week. Turn to EuroWeek on Friday for details.

Bank of New Zealand International Funding is offering euro investors their first taste of an Australasian covered bond. The issuer, a subsidiary of National Australia Bank, on Wednesday launched its first euro deal, a Eu1bn seven year issue that is also the first benchmark covered bond from a non-European issuer since September 2008. Read EuroWeek on Friday to find out how BNZ fared in its European foray, and what its deal means for the prospects of further supply from non-European issuers.

Sberbank has launched its $2bn term loan facility after appointing 14 banks to the top level as mandated lead arrangers and bookrunners. The three year deal carries a 150bp margin and will be used to refinance a facility arranged in December 2007. Turn to EuroWeek on Friday for more.

After a storming week last week, with rare issuers at every turn, the Swiss franc market has slowed down. And thanks to renewed eurozone volatility and a gyrating basis swap, the market may soon close up for the year. Landshypotek AB slipped out a covered bond on Monday, picking up a healthy Sfr200m, but syndicate bankers are already hitting the slopes. To see if there’s anything ahead to tempt them back to town, read EuroWeek on Friday.

As Europe holds its breath on Ireland’s future, Caja Murcia has successfully stepped into the government guaranteed market, printing a Eu500m deal at 210bp over mid-swaps on Tuesday. The deal comes as Caja Madrid and Bancaja are offering to exchange nearly Eu17bn of covered, guaranteed and senior debt for longer maturities. Friday's EuroWeek will have full market reaction on how Spanish borrowers are faring in these volatile markets.

Transport for London sold its first commercial paper issue on Monday, issuing £150m of three month paper. It intends to increase its funding activity in the markets for short term capital after setting up a commercial paper programme this year. Read EuroWeek on Friday for market reaction.

No less than 15 bookrunners are marketing a Eu3.2bn high yield bond for Wind Telecomunicazioni — the largest high yield deal in Europe this year. It is part of a Eu6.6bn debt refinancing that comes as Wind is being sold to Russia’s VimpelCom. Bankers are confident about the offer and expect strong backing from existing investors when the deal prices on Thursday. Turn to EuroWeek on Friday to see if they were right.

Sovereign, supranational and agencies sold callable zero notes in bulk this week, as Asian investors such as Taiwanese life insurers returned to the public sector in force amid worsening conditions in the wider debt markets.