23 May 2012
Fiat Group Automobiles (FGA) Capital has announced a securitisation of Italian car loans, in a deal being marketed as the first publicly sold Italian auto ABS since the financial crisis that blew up in 2007. read more »
Landshypotek issued its first sub-debt capital note in five years on Tuesday, a Skr500m dual tranche 10 year non-call five bond that included a regulatory capital event call that the issuer had not incorporated in any previous subordinated debt issue.
Santander braved concerns over the Spanish banking sector today by printing its largest piece of commercial paper in more than a year.
Austria’s ÖVAG launched a buyback and consent solicitation on a preferred security on Tuesday night in a bid to improve its capital position. The borrower is offering to buy back a €250m fixed to floating rate preferred security at 39% of par.
Banco Cooperativo Espanol has joined the long list of Spanish banks tendering for ABS bonds. Meanwhile, Catalunya Banc bought back half of its targeted €500m of ABS bonds, albeit at cheaper levels than in its first tender earlier this year.
Dutch RMBS issuer Obvion on Wednesday announced price thoughts for its Storm 2012-3 RMBS.
With summer holidays on the horizon and credit spreads beginning to widen once again, the window for financial sector borrowers to tap the market is slowly closing. Bankers on Wednesday said that senior would take a back seat even as the corporate and covered bond markets saw primary supply, arguing that recent developments had further damaged sentiment towards FIG borrowers.
Dubai Islamic Bank’s newly issued $500m five year sukuk has met with a strong secondary market reception, trading up as much as half a point above par since it was priced on Tuesday afternoon. DIB priced the dollar Reg S benchmark sukuk at 365bp over mid-swaps, 10bp inside initial guidance.
Korea Exchange Bank will be on the road next week for a series of meetings with investors in Asia, UK and US to gauge their appetite for a potential international bond offering.
VTB is planning to issue equity-linked notes in dollars and in roubles, to be internationally and domestically placed in MTN format on a reverse enquiry basis.
Europe took big strides towards implementing Basel III rules this week, with a grouping of European finance ministers (Ecofin) agreeing to drafts of the new capital requirements directive and regulation.
Fiat Group Automobiles (FGA) Capital has announced a securitisation of Italian car loans, in a deal being marketed as the first publicly sold Italian auto ABS since the financial crisis that blew up in 2007.
Banco Santander has appointed Banesto CEO José García Cantera to run the global wholesale banking franchise. He replaces Adolfo Lagos, who is due to retire next year.
Standard Chartered’s breaking of the Rmb1bn ($158.2m) barrier in ECP sold out of London may seem like small Tsingtao when compared with the size of the market as a whole. But the speed at which the issuer reached the milestone is testament to the flexibility of the ECP product and its ability to adapt, despite the slings and arrows it has faced over the last five years.
Credit Agricole SA’s pre-tax profit for the first quarter 2012 was only a little more than half what it was in the first quarter last year, largely because its cost of risk more than doubled over the same period. That increase was mainly down to provisions on Greece.
Promsvyazbank
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