Issue 1165 - 30 July 2010

Credit News

Public Sector

• DMO £6bn linker allays CPI/RPI switch fears
• Export Development Canada hops into Kangaroo market
• German SSAs take summer euros as investors put off hols
• Italy’s vote puts EFSF into the starting blocks
• Pain in Spain as Madrid fails to follow sovereign success
• Struggling Spanish munis look to ICO for funds

Covered Bonds

• Moody’s in second round of Portuguese covered bond cuts
• BCBS back-down on NSFR saves Denmark’s ARM loans
• Cédulas look wide in post-stress test market
• Covered face 15% haircut in Basel III level 2

Financial Institutions

• Credit Suisse attracts $8bn of orders for hybrid
• FIG bond market back on form with summer bouquet of fresh deals
• Eu3tr weight of capital lifted as banks leave shadowlands behind
• Standard Chartered in BP box seat as banks pay to play
• Stress tests increase transparency, lift market
• UBS marks return to form with $2.5bn 10yr benchmark offer
• Westpac leads big week for US high grade, Alcoa shines
• Westpac New Zealand turns to Swiss francs

Corporate Bonds

• McDonald’s breaks coupon record with two trancher
• SAP sets retail bid alight with Eu1.1bn bond
• SGS wakes Swiss mart from summer siesta
• Basel broadens buffers to take in AA corporates
• AT&T $2.25bn bond shrugs off downgrade

Emerging Markets

• Barbados pulls in $900m of orders for $200m Eurodollar
• Belarus delivers with debut dollar bond
• Brazil breaks through to new pricing low
• Chile’s two-tranche blow-out bond sets record low yield
• Egypt’s National Bank returns to bond market
• IIB out of default, attention turns to 2013 bond
• Russian rush brings Gazprombank, Sberbank
• Kazakh crisis takes Tristan Oil to brink of default
• Markit Data 1165
• Turkey tightens 50bp as $1bn tap finishes 2010

Bond Comments

Public Sector

Euros

• KfW
• L-Bank

Financial Institutions

Dollars

• Credit Suisse

Euros

• Rabobank Nederland
• Santander
• Bank of America Merrill Lynch

Corporate Bonds

• SAP

High Yield

Alternative currencies

• DSG International

Emerging Markets

• Sberbank
• The Republic of Belarus

This week's Other New Issues

• SGS
• South African rand market commentary
• Westpac New Zealand Securities (London)
• Bank of Ireland

Sterling

• Rabobank Nederland
• United Kingdom Debt Management Office

Swaps and CDS

• Markit Data 1165

Structured Finance

Asset Backed Securities

• ABS market responds to ‘non-event’ stress tests with a shrug
• Ford Motor Credit returns with auto ABS after SEC reprieve

Residential MBS

• Precedent setting Eurosail court decision due

MTNs and CP

• Bankers hope private placements will have their chance
• ECP keeps falling as investors stay away
• Leak Table 1165
• MTN league Table and Commentary 1165: HSBC takes third place in 3rd party

Syndicated Loans and Leveraged Finance

Investment Grade or Non-leveraged Loans

• AE&E extends guarantee line to 2013
• Aegis completes revolver before Australian acquisition
• Bond market switch shows US model is here
• Carrefour pushes deal up to Eu1.75bn on heavy demand
• Close Brothers to reduce loans with £200m revolver
• FROB’s Eu3bn loan may provide lifeline for cajas
• Gestamp puts foot down with oversubscribed term loan
• HMV takes early refi
• Iliad wraps up Eu1.4bn deal as it enters mobile market
• National Express rolls home with refi
• Reed Elsevier pushes back forward start to 2013
• Telefónica’s Vivo deal sealed with Eu8bn loan
• Vivendi pricing could set worrying precedent
• Wolters Kluwer extends maturity with new loan

Leveraged Finance Loans

• Picard splits debt between Eu655m loan and HY bond
• Markit Data 1165
• Banks put up $3bn to back Tomkins buy-out

Emerging markets Loans

• Deutsche hires Walker for EM loans and Avot for trade finance
• Busy IBA preps August deal after signing three year loan
• Metinvest flies in syndication as it increases PXF to $700m
• Mol cancels Eu1bn of unwanted debt
• Isbank follows Akbank and Vakif with two year loan
• Aabar dodges guarantee concerns to get over line
• Wimm-Bill-Dann readies RFP
• Ukraine’s Kernel reaps commitments
• Sisecam cuts margin as EM firms seek to reprice 2009 deals
• Suek makes progress as banks brace for TNK-BP pricing

League Tables

Bonds

• Bonds Tables 1165
• Bookrunners of all global bonds (Global) — 2010 (July 28, 2010)
• Bookrunners of all international bonds — 2010 (July 28, 2010)

Loans

• Bookrunners of all syndicated loans marketed in EMEA — 2010 (July 29, 2010)
• Bookrunners of all global syndicated loans — 2010 (July 29, 2010)

League Table Equity

• Bookrunners of EMEA overnight ECM transactions — 2010 (July 29, 2010)
• Bookrunners of all global ecm issuance — 2010 (July 29, 2010)
• Bookrunners of all emea ecm issuance — 2010 (July 29, 2010)

Revenue

• Debt capital markets revenue — Global 2010 (July 29, 2010)
• Equity capital markets revenue — Global 2010 (July 29, 2010)
• All investment banking revenue — Global 2010 (July 29, 2010)
• Syndicated loan revenue — Global 2010 (July 29, 2010)
• Mergers & Acquisitions revenue — Global 2010 (July 29, 2010)

MTNs and CPs

• MTN league Table and Commentary 1165: HSBC takes third place in 3rd party
• Markit Data 1165

Equity

• Bankers expect deals despite stress test results
• Market optimism enables $700m of placings
• TDC’s Eu7bn offer lined up to be first IPO after the summer

Market News

• DB makes Eu1.2bn Q2, sovereign risk worries
• ECB promotes structured covered bonds
• ECB ups haircuts on ABS and lower rated debt
• Key FDIC issue dodged as HFSC passes updated version of US Covered Bond Act
• Treasury trials corporate finance revolution

Southpaw

• Southpaw: Jain stamps authority on Deutsche CIB

Credit Matters

• Credit Matters: Stress tests? What stress tests?

People Moves

• Apted, Amalou leave Daiwa for new Sumitomo venture
• Citi hires Merrill Lynch veteran John Millar
• Deutsche Bank shakes up CIB management
• Deutsche hires Walker for EM loans and Avot for trade finance
• Hellman takes on Russia top job at Credit Suisse
• Kirkby joins DCM origination as CA adds five to US team
• Moves in Brief, July 30, 2010

MTN Leak

• Leak Table 1165

New Issue

• New issues 1165