UBS

Investors in privately placed MTNs are searching far and wide for yield. Bank issuers from Asia and the eurozone periphery are finding strong demand and will send a spate of notes in the coming weeks, medium term note dealers say.

Lloyds Bank has completed the non-US portion of its exchange of tier two capital instruments for CRD IV-compliant additional tier one, and succeeded in increasing the capital raising.

US interest rates are likely to rise next year. Janet Yellen dared say as much at her maiden press conference as Federal Reserve chair on Wednesday, provoking a swift rise in the Treasury curve.

Rumours of the death of one of the most enduring relationships in global mergers and acquisitions are exaggerated, says David Rothnie.

Lloyds Bank has completed the non-US portion of its exchange of tier two capital instruments for CRD IV-compliant additional tier one, and succeeded in increasing the capital-raising.

Cabot Financial, the UK distressed consumer debt collector, is marketing its third high yield bond. The Gbp175m of senior secured seven year notes will replace a bridge loan signed to finance Cabot’s takeover of peer Marlin Financial Group.

Swiss travel agency Bravofly Rumbo launched a €120m IPO on Wednesday, as a run of IPOs jump in before the Easter break.

Promsvyazbank sold $100m of privately placed seven year subordinated bonds on Friday via Goldman Sachs, ING and UBS, the same banks that were last month mandated to arrange a public subordinated dollar deal for the Russian bank.

Rallye, the unrated French holding company that owns 49% of Casino, the French supermarket chain, and 90% of retailer Groupe Go Sport, launched a bond issue today that investors jumped on, relishing its 4% yield. The €300m issue was increased to €500m.

Virgin Media underlined its credit quality and the strength of its owner Liberty Global by issuing a three tranche high yield bond with 10.75 year and 15 year maturities on Friday.

IT outsourcing business iGate is seeking to raise $325m of senior unsecured notes. The deal is being run from the US but is also being marketed to European investors.

Anima Holdings launched an €600m IPO on Monday, as the asset management firm hopes to lure investors with the rare promise of southern European financial institution exposure without the worry of banks' troublesome balance sheets.