Search results for

Rating: Aaa/AAA/AAA

A trio of covered bond issuers turned to the dollar market this week to take advantage of an attractive swap arbitrage and strong demand for triple-A assets.

The US dollar credit market, which has weakened slightly over the past fortnight, turned tail and fled this week as the bankruptcy of car parts maker Delphi sent investors scurrying for cover.

The US dollar credit market, which has weakened slightly over the past fortnight, turned tail and fled this week as the bankruptcy of car parts maker Delphi sent investors scurrying for cover.

The US dollar credit market, which has weakened slightly over the past fortnight, turned tail and fled this week as the bankruptcy of car parts maker Delphi sent investors scurrying for cover.News of the bankruptcy was the last straw for a high grade bond market which had shown surprising resilience in recent months. The market has shaken off a back-up in Treasury yields (the 10 year is now at 4.49%), the likelihood of further Fed rate hikes, stubbornly high energy prices and rising event risk as companies sought to please shareholders rather than bondholders.

Talking of Credit Suisse First Boston, which is soon to disappear into the maws of Credit Suisse, don't believe that all the news is bad, just because Parmalat's administrator Enrico Bondi is trying to close in on the bank's tail with an 18 inch naval gun.

Rating: Aa1/AA-

ABN Amro and ING have closed syndication of a Eu90m loan for Business Lease's Czech subsidiaries. The deal, which comprises one and three year tranches, has raised Eu150m in commitments from Czech lenders.

Mandated lead arrangers Bank Austria and HVB have completed syndication of the Ck2.35bn loan supporting J&T Group's acquisition of United Energy. Arrangers in the facility comprise Calyon, Citibank and Ceskoslovenska obchodni banka

The declaration of Chapter 11 by US car manufacturer Delphi has long been expected, but when it finally occurred last weekend it still cast a shadow over the credit markets this week. By the end of the week, amid enormous volumes trading, a general change of sentiment appeared to be under way.