Search results for

The following charts show the top five advancers and decliners in terms of % moves in the loan, bond and credit default swap markets for the previous week.

--Mark MacQueen co-founder and portfolio manager at Sage Advisory Services, on why he has been cutting back on the corporate allocation in his portfolio.

Mark MacQueen, co-founder and portfolio manager of around $4 billion at Sage Advisory Services is cutting back on his allocation to corporates and is reinvesting that money into agencies.

Rating: A2

Emerging market funds were offered a rich helping of Russian credit this week, with MDM Bank tapping the market Wednesday, ahead of Gazprom's sought after euro benchmark and a ground-breaking lower tier two issue from Alfa Bank due today (Friday).

Traditional arbitrage markets such as Aussie, Canadian and Kiwi dollars might not be as attractive as they have been in the past from a pure cost perspective, but demand for highly rated bonds in these currencies from local and international investors is growing. The volume of funding now available has led issuers to take the non-core currencies more seriously.

Mediobanca and Royal Bank of Scotland have launched a targeted retail phase for the recap of Italian speedboat manufacturer Ferretti.

There have been substantial scale backs after utility company Enel raised more than Eu9bn in syndication for its Eu5bn facility via bookrunners Citigroup, JP Morgan and Mediobanca.

Japan Expressway Holding & Debt Repayment Agency (JEHDRA) is said to be looking at pricing a jumbo three tranche trade, possibly totalling as much as ¥130bn. According to market sources, the issuer is looking at the domestic market to raise the funds in 10, 30 and 40 years. Should the issuer decide to price a 40 year, it would be the longest ever deal in the Japanese market.

Japan's capital markets have never been more diverse or more fascinating. Economic indicators are improving, the banking system has stabilised and the corporate sector is enjoying a new found confidence, both at home and abroad. Mark B Johnson reports on a country that is finally back on its feet.

The lean times continue for global investors hungry for Japanese government and corporate debt, although the banks and insurers have provided plenty of subordinated paper. The domestic bond market is usually too competitively priced for most senior debt issuers to be tempted offshore. Nevertheless, there has been sporadic activity.

In the brave new world of corporate Japan, M&A is a dynamic growth business. The banks might have forged the biggest deals but upstart Livedoor earned the biggest headlines for its audacious hostile bid for Fuji TV. Between the sublime and the previously considered ridiculous, there is a reshaping of middle market Japan, as domestic mergers abound, as Japan's finest buy offshore and as MBOs and LBOs gain momentum. EuroWeek has chosen the subject of M&A for its 2005 investment bank roundtable. A panel of experts from the leading investment banks give their views on the major developments and their implications.