11 March 2010
Barclays Bank, Bank of America Corporation and Commerzbank have come to the euro market on Thursday with self-led deals, in what has proved to be the busiest week in the senior unsecured market since the start of January. read more »
Fixed income investors lapped up the first hybrid tier one by a European financial institution this year, putting in around Eu2.5bn of orders for the Eu1bn innovative deal. Barclays Capital, Credit Suisse and Natixis led the deal which was priced late on Wednesday.
Further evidence of improving investor appetite for riskier financial institutions came on Thursday morning when LeasePlan revealed it was returning to the senior market after almost six months away.
The UK Financial Services Authority has updated its stress tests for banks, requiring them to hold capital that could withstand a double-dip recession resulting in a peak to trough GDP fall of 8.1%.
Crédit Agricole and Credit Suisse are marketing a Eu750m RMBS for NIBC Bank, the firm’s first public deal since well before the credit crisis.
Moody’s has laid out plans to remove assumptions of extraordinary government support from its ratings of UK banks, heralding potential downgrades.
The $20.7bn rights issue announced by UK insurer Prudential on Monday for its $35.5bn acquisition of AIA, the largest acquisition related ECM deal on record, had equity bankers this week predicting a greater emphasis on M&A financing through the equity markets.
Two big acquisitions, both part-funded with bank debt and announced since the weekend, boosted sentiment in the European loan market this week, with bankers hoping to see more event-driven facilities soon.
Investor interest in the Irish banks gained momentum this week, as Irish Life and Permanent sold its first deal under the updated Irish government guarantee scheme — a Eu20m inflation linker via Citi — and Bank of Ireland issued a further four notes under the guarantee.
The Obama administration has sent draft legislation to the US Congress implementing the so-called Volcker rule banning banks from engaging in proprietary trading.
A sharp improvement in pre-tax profits at HSBC’s global banking and markets division in 2009 was not quite enough to offset heavy asset write-downs in North America and a reversal of fair value accounts gains on its own debt.
Bank of Moscow is looking to price a benchmark sized dollar bond later today at around 25bp wider than where VTB Bank’s most recent deal is trading.
A judgement from a French court of appeals upholding creditors’ rights could be just what is needed to bring securitisation issuers from the country out of the wilderness.
by Olly Copplestone
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