Pre-migration untagged articles
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EIB, KfW and World Bank have taken full advantage of the Kanga market’s ability to deliver duration and cheap funds, but Aussie investors haven’t had much chance to buy Canadian risk. Export Development Canada hit the A$1bn mark last week, when it tapped its 2015s for A$350m last Thursday. Ontario, which mandated a deal to price no later than Wednesday, is the first Canadian province in the market since 2006. Read EuroWeek on Friday to see how the deal went.
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Pandora, the private equity-owned Danish jeweller, launched a Dkr12.3bn ($2.1bn) Copenhagen IPO on Monday morning after two weeks’ pre-marketing. The largest new listing in the Nordic region since 2001 will be an important test of sentiment ahead of other mooted billion dollar deals from TDC, Statoil Fuel & Retail and Gjensidige in the coming months.
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RBS’s much anticipated rejoining of the RMBS issuer pack faces the investor test this week as bookbuilding for Arran 2010-1 gets under way. Read EuroWeek on Friday to see if other lenders will follow RBS back into securitisation.
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Private Equity Firm CVC launched the biggest European LBO since 2008 with its Sfr3.3bn purchase of Sunrise, the largest private telecoms firm in Switzerland. The deal consists of Sfr1.07bn of loans and Sfr1.475 of high yield bonds. Deutsche Bank, Société Générale, UBS and UniCredit are bookrunners for both products. Syndication is expected to follow in the coming weeks. Read EuroWeek on Friday for information on pricing, how leveraged loans bankers think the deal will fair and which deal is launching next.
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Evraz, the Russian steel producer and miner, is in talks with banks for a pre-export financing loan. It needs to refinance part of its debt by November and is hoping to secure better pricing than troubled Russian miner Mechel. Read EuroWeek on Friday to find out more on Russian mining companies testing their ability for credit funding.
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SNS Bank and Lloyds TSB Bank tapped the long end of the covered bond market this week with 10 year deals, taking advantage of investors’ search for yield. At the other end of the curve, SEB AG launched a rare one year Pfandbrief issue. Read EuroWeek this week for more on the dynamics driving issuers to the opposite ends of the market.
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Yorkshire Building Society launched its first benchmark covered bond since 2007 on Tuesday, a Eu600m five year Regulated Covered Bond that the issuer said built on improving sentiment towards the UK.
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A covered bond liability management exercise for Dexia Municipal Agency that closed on Wednesday resulted in the creation of two new issues totalling Eu2bn, with a planned new eight year tranche cancelled due to a lack of demand for that maturity. Meanwhile, Banco Popular Español launched an exchange offer on Monday featuring the first ever swap of senior unsecured debt into covered bonds.
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Plans to establish covered bond legislation in the US appear to hinge on lawmakers’ ability, if indeed possible, to reconcile calls from the Federal Deposit Insurance Corp for flexibility in its handling of covered bonds in the event of receivership, with legal certainty for issuers and investors, a Senate Banking Committee hearing on covered bonds showed on Wednesday.
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All of a group of advisers and equity capital markets bankers that have left Fox-Pitt Kelton since the firm was acquired by Macquarie in 2009 have started work at KBW.