Pre-migration untagged articles
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In a move that could mean international banks take a bigger role in the Norwegian market, Norges Bank, the Norwegian central bank, has proposed sweeping reforms to the country’s money market.
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The Kingdom of Spain sold a Eu500m puttable FRN due September 2012 through Société Générale on Wednesday as a trend emerged for the structure from peripheral European sovereign issuers such as Ireland. Interest rate structures retained their popularity as investors continued the search for yield.
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Spain’s Unicaja used the launch of a Eu750m five year cédulas hipotecarias issue this week as an opportunity to engage with investors on issues facing the country’s financial system as it built an order book larger than some market participants had expected.
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FMO Nederlandse made a rare appearance in the MTN market on Tuesday, issuing a $50m three year floating rate note through Goldman Sachs. The bond pays 27bp over three month dollar Libor.
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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
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Münchener Hypothekenbank attracted strong demand, including a high turnout from Asian investors, for a Eu1bn three year public sector Pfandbrief on Tuesday, despite it coming at the tightest level for a sizeable new covered bond since August 2008.
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Adam Posen, an external member of the Bank of England’s monetary policy committee, this week called for a resumption of quantitative easing to prevent the UK from slipping into Japanese-style stagnation.
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BNP Paribas, Compagnie de Financement Foncier and Crédit Agricole Covered Bonds won the blue riband awards in the EuroWeek and The Cover Covered Bond Awards 2010, which were presented at our fourth annual dinner at the Dolder Grand in Zurich last Thursday (September 23).
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Santander subsidiary Abbey National Treasury Services on Monday sold a Eu1.25bn seven year Regulated Covered Bond, its third and biggest issue this year.
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The pace of US high yield primary activity remained brisk this week as expectations of slow but positive growth continued to lure buyers. However, the sector — where this year’s new issues have already surpassed last year’s record volume — is also exhibiting early signs of investor indigestion, according to bankers.
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Petroleos Mexicanos raised $750m from a new perpetual bond that bears the lowest coupon ever achieved on the product, according to lead managers Citi and HSBC.