Search results for

* AIG SunAmerica Institutional Funding II Rating: Aaa/AAA

CIF Euromortgage has signed a euro10 billion ($8.96 billion) Euro-MTN programme. Deutsche Bank and BNP Paribas are the arrangers. The issuer has been rumoured to be signing since May and has finally put pen to paper this week. CIF Euromortgage is not rated by Standard & Poor's or Moody's. It will enter a competitive market since French financials, such as CDC IXIS Capital Markets, CNCEP and Credit Lyonnais, are among the busiest issuers this year. None of the French banks to issue this year are unrated. It is the first French bank to sign a programme this year, although six French corporates have signed (Air Liquide, Alcatel, Enterprise Miniere et Chimique, Pinault Printemps-Redoute, Suez Lyonnaise des Eaux and Vivendi Environnement) and one French regional authority (Region Ile de France). The dealer panel consists of ABN Amro, BNP Paribas, CDC IXIS Capital Markets, Credit Agricole Indosuez, Deutsche Bank, JPMorgan, HypoVereinsbank and SG.

Colombia is hoping to issue as much as $1.2bn between now and the end of the year, with its plans including a return to the yen markets. This week the republic received authorisation to issue another $500m of bonds, and its director of public credit, Juan Mario Laserna, told EuroWeek that, market conditions permitting, he would like to raise this year the entire $1.2bn the government still has to raise for its 2002 requirements.

* Swedish Export Credit Rating: Aa2/AA+

As was widely anticipated, September opened with an extremely busy week in the debt markets. Moreover, the boom is going to continue: swap dealers in New York say that between $60bn and $70bn of new issuance is expected this month in the dollar market alone, and a great deal of this should be swapped. In the face of this prodigious new supply, swap spreads are eroding. At the end of the week, five year dollar spreads had come in to about 73bp and the 10 year mid-market at 10 years is 79.5bp. When it is realised that 10 year spreads incorporate a 7bp roll into the new 5% August 2011 Treasury sold last month, 10 year spreads are now at the lows of the year.

The Kingdom of Denmark this week launched a $1bn Eurodollar transaction, the first dollar benchmark deal from a triple-A rated sovereign since the UK's in 1996. Moody's upgraded the Kingdom of Denmark from Aa1 to Aaa in August 1999. Standard & Poor's followed suit in February of this year, upgrading the foreign currency issuer rating from AA+. Denmark is one of the few European sovereigns still accessing the international capital markets, but tends not to issue more than Eu500m at a time.

DG Bank has issued and lead managed a Eu50m five year credit linked note, linked to the Slovak Republic's Eu500m 2010 dated Eurobond. The note pays a 6% coupon, and was issued at 99.90, giving a 132bp spread over swaps. In the case of a credit event, coupon payments are zero, and the bond is either swapped for an outstanding issue of the republic, or is settled in cash at the market rate for an outstanding sovereign issue, within 30 days of the event.

Croatia EuroWeek understands that the Republic of Croatia may tap the loan market after it failed to meet its privatisation target for 2001.