Investor-Issuer Profiles - 1233 - 02 December 2011

Covered Bonds

• Covered bond trio in dollars raises 2013 supply by 40%
• WL Bank gets its 1bp wish with rare Pfandbrief
• KBC’s ‘screamer’ testifies to the dearth of supply
• Pbb brings hungry covered bond buyers out to 15 years

Senior Debt

• Acid test for senior debt as EU intensifies bail-in fears
• Market ignoring impact of depositor preference and bail-in, say investors
• Société Générale offers concession against euros for Swiss francs
• ING draws in retail interest with five year Australian dollar transaction
• Sampo sells new krona benchmark after buyback
• Nomura, DVB, Bank Austria flood the fashionable fives
• Sampo sells Swedish krona bonds following buyback
• SocGen pays up over euros for Swiss deal
• UBA set to tap 2018s as bullish run stalls
• ABN sees Rabo’s 10 year, raises six months

Bank Capital

• Deutsche triumphs with new tier two structure for US
• Pressure off for Lloyds and RBS as PRA reveals capital requirements

Equity

• Lloyds £445m SJP success marred by market drop
• Lloyds begins second St James’s Place selldown

MTNs and CP

• Regional banks frozen out of EMTNs
• US money funds back in eurozone after March dip
• US money funds back with eurozone banks after March blip

Bond Comments

• ABN Amro
• DVB Bank SE
• JPMorgan Chase & Co
• Nomura Europe Finance NV

Emerging Markets

• Market jitters scare off Russian Standard Bank’s LT2
• Renaissance Credit wins with $350m, could tap later
• Ziraat Bank heard lining up leads for dollar debut
• RAB back for more, but currency still undecided
• ADCB prices $300m LT2 at tight end
• Emirates NBD sells $1bn perp at 5.75%
• IsDB eyes record $1bn sukuk, picks five year tenor
• RAB back again, currency undecided
• Renaissance Credit gets successful $350m but could tap later
• Russian Standard Bank guides to 10% yield area for LT2
• ADCB sharpens guidance on LT2
• Emirates NBD launches perp at 5.75%, books over $4.25bn

Loans

• Int’l lenders find Nigeria bank dollar rush tough to stomach

Covered Bonds

• Covered bond trio in dollars raises 2013 supply by 40%
• WL Bank gets its 1bp wish with rare Pfandbrief
• KBC’s ‘screamer’ testifies to the dearth of supply
• Pbb brings hungry covered bond buyers out to 15 years