Issue 1053 - 9 May 2008

Credit News

Public Sector

• Spain, NIB, Network Rail set 5yr dollar bonanza

Covered Bonds

• Sweaty cédulas fiesta pulls crowds of buyers, leaves secondaries intact
• Two basis points doubles DnB Nor’s money

Financial Institutions

• Bunds enjoy rally as ECB decides to put rate cuts on ice
• Capital-hungry banks relish retail investors’ infatuation with perps
• Clouds and silver linings in Euro FIG market

Corporate Bonds

• Demand for corporate issues remains strong
• Glaxo drinks deep with $9bn bond as US brims with cash
• Pent-up demand for US bonds draws thick stream of deals

Emerging Markets

• Run of new issues from EEMEA names dries up completely
• Brazil prices tight with investment grade tap
• LatAm companies come back with a bang

Niche Currencies

• IADB reopens Kangaroo mart with 2010 tap
• Two tranches still the key to size in Swissies
• Year’s biggest IPO is a hit for coal miner NWR

Bond Comments

Public Sector

Alternative currencies

• Industrial Bank of Korea

Dollars

• Kingdom of Spain
• Nederlandse Waterschapsbank
• Network Rail Infrastructure Finance
• Nordic Investment Bank
• Province of Quebec
• SMFG Preferred Capital USD 2 Ltd

Euros

• NRW.Bank
• Hellenic Republic

Sterling

• National Grid Gas

Financial Institutions

Dollars

• Australia and New Zealand Banking Group

Euros

• Caixa Geral de Depósitos
• Fortis Bank
• OTP Bank
• Royal Bank of Scotland
• Toronto-Dominion Bank

Corporate Bonds

Alternative currencies

• IBM

Euros

• GE Capital European Funding
• National Grid Gas
• Paccar Financial Europe
• Volkswagen Credit Inc

This week's Other New Issues

Alternative currencies

• UBS
• South African Rand
• City of Zurich

Swaps and CDS

• CDS market hit by AIG’s back-to-back losses

Structured Finance

Asset Backed Securities

• ECB liquidity absorbing repo ABS glut

Residential MBS

• European ABS keep rallying — until Bank of England, ECB spoil the party with rate holds, + SF News in Brief
• “High interest” in rescuing FGIC

Structured Credit

• Stanley brings first full European CDO of loan CDS as lev fin CLO market recovers

MTNs and CP

• Commercial paper market is far more positive for banks
• Improving MTN tone helps returning banks
• Leak Table
• MTNs - Tables and Commentary
• Siemens aiming at Eu500m with dual Schuldschein issue

Syndicated Loans / Leveraged Finance

Investment Grade or Non-leveraged Loans

• Anglo American brings $3.5bn refi
• BG set to hit market for first time with Origin facility
• Western European Syndicated Loans - news in brief, May 9, 2008
• Pernod enters the final run with several banks undecided

Leveraged Finance Loans

• Buyers offered Endemol but market gives sale little hope
• EMEA Leveraged Loans - news in brief, May 9 2008
• Secondary market rally may spur funds’ return to primary

Emerging markets

• Middle East Syndicated Loans - news in brief, May 9, 2008
• Vakifbank could return while Garanti signs
• Russia and CIS Syndicated Loans - news in brief, May 9, 2008
• BNPP’s absence on NorNickel refinancing fuels rumours of a Rusal acquisition loan
• Bankers fired up by Dubai World pricing
• Alfa Bank set to launch $200m loan with generous margins, Ursa out with $50m

Secondary Loans Markets

• Traders not worried by wider indices as flow names tick up
• Loan Ranger

Equity

• AngloGold Ashanti launches rights issue to restructure its costly forward hedges
• Deutsche, Morgan Stanley are favourites for Bahn IPO
• Global Investment House prices $1bn London listing with HSBC, Deutsche, JPM and UBS
• International Power convertible grows by 18%
• Keen bid for Russian retailers helps X5 to $1.2bn equity sale
• Vienna Insurance’s Eu1.1bn issue flies with parental help
• Year’s biggest IPO is a hit for coal miner NWR

Market News

• City Salute helps war wounded
• ECB liquidity absorbing repo ABS glut
• Parmalat pays $40m to settle class action lawsuit in the US
• UBS loses Sfr12bn after $19bn writedowns

Trading Places

• BarCap names loan and DCM heads as Goettler retires
• IADB reshuffles Molfino and Fan, Ranaivoson leaves
• Market agog for Pandit’s plans: $400bn non-core assets may go
• People Moves in Brief - May 9, 2008
• RBC takes 11 more ex-CIBC levfin bankers
• Soanes, Fox, Barg get regional jobs in new UBS capital markets group
• The Naked Broker: Tantric broking
• UBS cuts Elder from loans team

Euroblog

• Euroblog

MTN Leak

• Leak Table

Loan Ranger

• Loan Ranger

League Tables

Bonds

• Bookrunners of all Dollar frns — 2008 (May 8, 2008)
• Bookrunners of all dollar international bonds — 2008 (May 8, 2008)
• Bookrunners of all Dollar straights — 2008 (May 8, 2008)
• Bookrunners of all euro denominated international bonds — 2008 (May 8, 2008)
• Bookrunners of all Euro straights — 2008 (May 8, 2008)
• Bookrunners of all European covered Bonds — 2008 (May 8, 2008)
• Bookrunners of all European high yield bonds — 2008 (May 8, 2008)
• Bookrunners of all international bonds — 2008 (May 8, 2008)
• Bookrunners of all international bonds by CIS Issuers — 2008 (May 8, 2008)
• Bookrunners of all international Euro denominated bonds for corporates — 2008 (May 8 2008)
• Bookrunners of all international Euro denominated bonds for sovereigns (May 8, 2008)
• Bookrunners of all international euro frns — 2008 (May 8, 2008)
• Bookrunners of all international Sterling bonds — 2008 (May 8, 2008)
• Bookrunners of all international Yen bonds — 2008 (May 8, 2008)
• Bookrunners of all intL Euro denominated bonds for financial institutions — 2008 (May 8, 2008)
• Bookrunners of all intl Euro denominated bonds for supranationals — 2008 (May 8, 2008)
• Bookrunners of all intl subordinated issues for financial institutions — 2008 (May 8, 2008)
• Bookrunners of all Swiss franc bonds — 2008 (May 8, 2008)
• Bookrunners of European jumbo covered bonds — 2008 (May 8, 2008)
• Bookrunners of international tier ONE capital — 2008 (May 8, 2008)
• Joint leads, co-leads, managers of all international bonds — 2008 (May 8, 2008)

Loans

• Bookrunners of all global syndicated loans — 2008 (May 8, 2008)
• Bookrunners of all syndicated loans marketed in EMEA — 2008 (May 8, 2008)

Equity

• Bookrunners of EMEA overnight ECM transactions — 2008 (May 8, 2008)
• Bookrunners of all global ecm issuance — 2008 (May 8, 2008)
• Bookrunners of all EMEA convert/exchangeables — 2008 (May 8, 2008)
• Bookrunners of all emea ecm issuance — 2008 (May 8, 2008)

Revenue

• Debt capital markets revenue — EMEA 2008 (May 8, 2008)
• Equity capital markets revenue — EMEA 2008 (May 8, 2008)
• Syndicated loan revenue — EMEA 2008 (May 8, 2008)
• Mergers & Acquisitions revenue — EMEA 2008 (May 8, 2008)
• All investment banking revenue — EMEA 2008 (May 8, 2008)

MTNs and CPs

• MTNs - Tables and Commentary

Tuesday View

• Dark forces should remember: Turkey has never had it so good
• Make the rating agencies put their money behind their ratings
• Smart money calls the bottom of the market