The half year figures are rolling in, and, unsurprisingly, loans desks have had a dismal start to 2009. But reading between the lines, it transpires that this market is not, as so many had feared, dead — and nor can some of the biggest players in it, like Royal Bank of Scotland, be written off completely. read more »
Opportunistic bids and unsuccessful offers threaten to become as much of a trend in subordinated liability management exercises as the triumphant raising of core tier one capital. But that’s no bad thing — any choice for investors is better than no choice at all. read more »
Higher fees in return for lower margins. That simple but revolutionary formula has put the Asian loans market in a spin but is to the long-run benefit of banks as well as borrowers. read more »
The Republic of France spearheaded a record Eu25bn of syndicated euro issuance from sovereigns and agencies this week as issuers’ new-found enthusiasm for the syndication method combined with perfect conditions for the sector. read more »
The Committee of European Banking Supervisors (CEBS) began consultations this week over hybrid capital buybacks that could discourage the practice, even as the number of issuers launching offers continued to grow. read more »
The equity-linked market enjoyed another strong week with deals from Spanish engineering company Abengoa and German companies SGL Carbon and Südzucker raising Eu680m on Thursday, just days after a Eu500m Peugeot Citroen issue. read more »
The Croatian Bank for Reconstruction and Development (HBOR) and Russia’s VTB postponed international bond issues this week as rising credit spreads amid profit taking in emerging markets shut the door on new issues for the first time in nearly three months. read more »
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Cycles of boom and bust are a natural, ineradicable feature of the markets — just as the psyche of a credit analyst demands a villain on which to blame its troubles. When it comes to this financial crisis, Gary Jenkins knows who the real culprit is. read more »
A lucrative industry-wide fight among mining firms has investment bankers salivating. They are hoping for a shake-up of advisory mandates but Mike Davis and Cynthia Caroll (pictured), the bosses of the putative merger between Xstrata and Anglo American have so far given key positions to existing advisers. read more »
Standardised contracts were introduced to the European CDS market this week, but there is still considerable doubt whether the market will be able to introduce central clearing by July 31. read more »
Matt Carter, who was previously global head of the frequent borrower group, global head of financial institution syndicate and deputy head of syndicate at Royal Bank of Scotland, is moving to the bank’s coverage group and giving up his syndicate functions EuroWeek can reveal. read more »
A Eu750m six year new issue for Casino Guichard-Perrachon widened some 25bp on Monday as investors reined in their risk appetite and the corporate bond rally faltered. read more »
The European commercial paper market this week was little changed despite record short term lending by the European Central Bank pushing rates down further. read more »
Banks’ appetite for long-dated infrastructure debt is set to be put to the test after the £956m M25 motorway loan was launched into general syndication on Thursday. The facility is one of the few major project finance deals to be launched in Europe this year. read more »
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UK Debt Management Office Roundtable 2009
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Accessing Capital 2009
Turkey in the Capital Markets 2009
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Structured Finance Report May 2009
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Sovereign, Supranational and Agency Bonds 2009
Structured Finance Report March 2009
Covered Bonds