Investor-Issuer Profiles - 1239 - 27 January 2012

Covered Bonds

• Liquidity becomes a curse for triple A rated covered bonds
• Commerzbank sets up new public sector covered bonds scheme

Senior Debt

• Citi to make public Nokkie debut
• FIG set for re-opening as stability holds
• Rabobank bond answers demand for Canadian paper
• Swedbank looks to put GGs to bed with buyback
• Rabobank bond answers demand for Canadian paper
• Svenska joins HSBC in Samurai yen print
• Capital under pressure but FIG still an issuers’ market despite more widening of spreads

Bank Capital

• Co-op sub debt tumbles on plan to climb out of £1.5bn capital hole
• BoE endorses Cocos as ‘resurrection’ tools
• Denmark approves Cocos for pillar two requirements
• Capital under pressure but FIG still an issuers’ market despite more widening of spreads

Other News

• BoE endorses Cocos as ‘resurrection’ tools

Emerging Markets

• Banco Estado sells ¥24bn in first ever yen bond from Chile
• Slovenian SID uses excess buyback cash, small size leaves secondary undisturbed

Loans

• Lenders despair after Akbank suggests fresh margin cut

Covered Bonds

• Liquidity becomes a curse for triple A rated covered bonds
• Commerzbank sets up new public sector covered bonds scheme