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  • Patrick Van Der Borght, director and head of European structuring for cash collateralized debt obligations at Credit Suisse in London, is preparing to retire from the firm and the industry. Van Der Borght could not immediately be reached but Rebecca O'Neill, spokeswoman in London, said he has given notice although no leaving date has yet been set.
  • David Moffitt, managing director in credit derivative sales at RBS Greenwich Capital in Greenwich, Conn., has left the firm. Hired from Credit Suisse nearly two years ago, Moffitt was the firm's first credit derivatives salesman (DW, 6/6/04). His departure follows recent resignations by senior credit derivatives officials in London, including Sanjeev Gupta, co-head of global credit trading and head of correlation trading, and Hector Garcia, head of exotic credit trading (DW, 1/20).
  • In the past 12 months the covered bond market has shown that it knows no bounds. The product is on the verge of making a breakthrough in jurisdictions outside the European Union and investors literally across the globe are embracing the concept. And issuers are putting the instrument to new uses. Neil Day reports.
  • The AHBR crisis highlighted questions regarding market-making and liquidity that had been bubbling under the surface for some time. Market participants are now looking for ways to stave off any future crises and a roadmap to normality to use when they do occur. Neil Day reports.
  • Following WestLB's withdrawal from Dublin, Depfa ACS Bank was in danger of being left to fly the flag for the Irish covered bond market all on its own. But Allied Irish Banks is bringing some much needed weight to the market with the expected launch of its first asset covered security.
  • With the FSA now seemingly embracing the covered bond product, the UK market is expected to grow sharply over the next year. Some observers believe part of this supply could come through UK building societies clubbing together to launch a pooled covered bond programme in a manner similar to those so successfully established by the Spanish savings banks.
  • Is the Italian covered bond market in danger of fizzling out before it has even started? That is the concern among some bankers following the recent emergence of more details about draft legislation concerning issuance of covered bonds in Italy. Philip Moore finds out if they are right to be worried.
  • As Japanese companies emerge from a long period of economic darkness, they are stretching their limbs and beginning to grow. Many need fresh equity capital to finance acquisitions or organic growth, and investment banks have a new technique to offer them. More and more, the banks are underwriting equity issues privately and then selling them into the market later. A rich variety of structures is being deployed, and they offer the issuers many advantages.
  • Kanto Tsukuba Bank, a first tier regional bank, is a regular visitor to the public capital markets and since late 2004 has also employed Merrill Lynch to underwrite three private equity financings.
  • When Land Co, a Japanese property developer, wanted some extra funds to expand its business in May 2005, it turned to UBS, which bought a ¥2.5bn moving strike convertible bond (MSCB).
  • Part one in the development of the local Latin currency corporate bond market has already been completed — the establishment of pension fund systems creating a new investor base. But part two — the development of secondary market liquidity, a diverse investor base, the creation and use of hedging instruments and a credit culture — will be a lot harder to achieve. Danielle Robinson reports.
  • Before last year few covered bond issuers had not pursued dollar investors with much vigour. With the notable exception of Depfa, dollar denominated covered bonds were few and far between, with the euro denominated jumbo market the backbone of issuers' funding. However, a series of transactions last autumn suggests that the dollar's role in covered bond issuance might one day match its leading position in the world's financial system. Neil Day reports.