Wind Telecomunicazioni, the Italian mobile operator, gave the clearest demonstration yet of the latent demand for high yield credit in Europe when on Wednesday it priced a Eu2.7bn equivalent dual tranche eight year non-call four bond. read more »
Deutsche Postbank is planning a debut public sector covered bond transaction that will be half-backed by mortgages guaranteed by KfW, an arrangement that promises to extend the amount of collateral that can be viably used as cover for German Pfandbriefe. read more »
In a topsy-turvy week for Gulf capital markets in which the United Arab Emirates agreed to guarantee new bonds and loans issued by local banks, and Standard & Poor’s downgraded three of Dubai’s government-related entities thereby casting doubt about the emirate’s willingness to help them repay their debt, the Abu Dhabi loan market burst into life with the blow-out success of International Petroleum Investment Co’s syndicated loan. read more »
The bank capital liability management market saw its first failure this week when Austria’s RZB cancelled its exchange offer because so few investors wanted to participate. read more »
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Corporate bonds are taking pride of place in European companies’ funding plans — providing a long-term boost to the job prospects of credit analysts such as Gary Jenkins. But sales made direct to the public mean that the outlook for the market is not quite as smooth as all that. read more »
After a period of consolidation, HSBC’s banking and markets division is in expansion mode again, writes David Rothnie. read more »
I’m not sure if I should be apologising for last week’s airwave silence or you should be thanking me for it but I’m sorry nevertheless. read more »
Barclays Capital has hired Jonathan Brown to head its emerging markets and European credit syndicate. He joins in August and reports to Mark Bamford, global head of fixed income syndicate. read more »
Patrick O’Connell is leaving Bank of America Merrill Lynch and taking early retirement. He says he is taking time out until September 2010 while he ponders his new career path, which he says is unlikely to be at a large investment bank. read more »
Deutsche Lufthansa breezed through the primary market this week with a Eu750m seven year deal, despite not including any step-up language in the transaction. read more »
The world’s largest non-bank rights issue closed this week with Anglo-Australian mining company Rio Tinto gaining strong shareholder support for its $15.2bn deal and an unexpected boost from spurned suitor Chinese state-owned Chinalco. read more »
Spanish building and infrastructure group Grupo Ferrovial, which controls UK airport operator BAA, has signed banks into a Eu3.3bn deal which amalgamates some of the group’s existing loans across its subsidiaries at the parent level. read more »
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