Pre-migration untagged articles

France’s Agence Centrale des Organismes de Sécurité Sociale (ACOSS) led the charge of agency borrowers in the CP market this week, selling $335m of between one and six month paper, at dollar Libor plus spreads.

BTIG, the US brokerage and fund services company, is expanding its fixed income team outside the US. It has hired Darren Reiss, Russell Scott, Cornelia Colonius and Alpesh Lad for its emerging markets fixed income team in London.

Issuers piled into the covered bond market this week to take advantage of supportive conditions, with five deals live in the market on Tuesday in one of its busiest ever sessions and a second burst of issuance on Thursday following a mid-week breather.

Banco Pastor on Tuesday priced a Eu500m two year deal via a smaller bookrunner group than that originally mandated after one lead manager dropped out because of a difference in opinion on how the transaction should be carried out.

Bankinter and Caja Madrid paid record spreads on benchmark cédulas hipotecarias issues this week despite volatility in peripheral sovereign markets and suggestions from market participants that a saturation point was being reached after heavy supply from second tier credits.

Compagnie de Financement Foncier issued its third US-targeted dollar benchmark of the year on Thursday, a $1bn five year issue that could be followed up with further covered bond supply.

Dexia Municipal Agency launched an offer to exchange Eu14.5bn of obligations foncières into three new, longer dated benchmarks on Wednesday in the first test of such liability management exercises in the covered bond market, and one that could help it steer clear of a crowded funding calendar in the years ahead.

The Bank of Spain is introducing a new regulation requiring that Spanish issuers disclose detailed information on assets backing cédulas. The move has been welcomed, although some market participants believe that the central bank should go further.

M&G Investments will launch an inflation-linked corporate bond fund on September 16 aimed at UK retail investors. This is M&G’s first foray into inflation-linked securities for the retail market.

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