Spanish borrowers began shedding contagion from the eurozone debt crisis this week as even second tier banks managed to get Eu1bn covered bonds away, while one of the country’s national champions completed a senior unsecured benchmark of the same size. read more »
KfW benefited from the growing anxiety among investors over the sustained rally in US Treasury yields this week by issuing a $4bn 10 year global, its second outing in the format this year. Plunging yields are forcing investors out of short-maturity safe havens and Treasuries, said dealers, and the German agency is one of the very few issuers which could tempt investors out to a 10 year maturity. read more »
Telefónica burst open the post-summer euro corporate market on Thursday when it sold a Eu1bn seven year bond, the first public deal in the currency from a non-financial Spanish borrower since March. read more »
A glut of corporate borrowers could be tempted to bring acquisition deals to the European loan market in the next couple of months, having seen the success of recent acquisition facilities. read more »
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M&A is coming back. But not until 2011. That means banks have four months to get their houses in order and the best people on board — or indeed to stay — to cash in properly. By paying mid-year bonuses to its best bankers, Credit Suisse is one step ahead. David Rothnie reports. read more »
I did something I never thought I’d ever do this week; I managed to get rid of the last of my business cards. read more »
Nomura this week signalled its intention to push its European equity capital markets business into a top 10 league table position as it announced a pair of internal moves to bolster the unit following its recent capture of a UBS banker to run its Asia ex-Japan franchise. read more »
The European Parliament and the Council of Europe reached an outline agreement late on Thursday night which will result in legislation creating European super-regulators being voted on later this month so that the bodies can begin functioning in January. read more »
Marco Baldini, who quit Bank of America Merrill Lynch in June, will replace Wayne Hiley as head of European corporate bond syndicate when he joins Barclays Capital later this month. read more »
Tim Michael resigned from Royal Bank of Scotland’s bond syndicate desk on Tuesday. Michael, who had been at the bank for just over four years, is said to be joining Citi to work on its syndicate desk. read more »
Banca Monte dei Paschi di Siena ignored the heightened level of uncertainty in the bank capital market this week, pricing a Eu500m 10 year bullet lower tier two issue via Crédit Agricole, Goldman Sachs and Société Générale. read more »
Gazprombank tapped its recent 6.25% December 2014 notes on Thursday, doubling the loan participation deal’s size to $1bn. read more »
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The DZ Bank Roundtable: The European Rescue Package
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