EuroWeek - EMEA

Sound and fury

Fri, 25 May 2012 00:00:00 GMT

The online revolution has changed many facets of modern life. Anyone who can type is now able to share their views with the world ? before the days of social networking the only audience for their opinions might have been in the bathroom mirror.

KfW rides risk-free wave as buyers say ?Germany or bust?

Fri, 25 May 2012 00:00:00 GMT

Record low pricing for a ?5bn three year bond from KfW, a two year Schatz auction and three German Pfandbriefe this week showed the extreme lengths to which investors are prepared to go in order to secure a safe home for their money.

Lazard makes the crisis pay

Fri, 25 May 2012 00:00:00 GMT

Not many banks can boast of a profitable time in Greece, but Lazard is one. Having been handsomely paid for its highly sensitive government advisory mandate, it has become the go-to firm for other troubled administrations. That?s just as well, considering the poor health of the M&A market, as David Rothnie writes.

Banking: it?s a funny old game

Fri, 25 May 2012 00:00:00 GMT

Does it matter how you win or lose at football? Judging by the reaction to Chelsea?s recent victory, it would appear not. But what about banks? Gary Jenkins reckons that the harsh words being heaped on JP Morgan are evidence that people care more about how banks lose money than how much of it they lose.

Of Greeks and Geeks

Fri, 25 May 2012 00:00:00 GMT

One can only pity the Greeks: they survived for several millennia with the drachma but after just a decade with the euro they are tottering. Scaremongerers are talking as if we?re heading for "Our Big, Fat, Greek Divorce". It?s fortunate for the Greeks that they have thousands of years of history because it appears at present that they don?t have much of a future. They gave the world the Olympics but will they be able to afford send their athletes to London this summer? The Geeks made $100bn dollars from Facebook but the Greeks made nothing.

RBC covered cracks SEC code to unlock US heartland

Fri, 25 May 2012 00:00:00 GMT

Royal Bank of Canada is to take covered bonds into the US mainstream with the product?s first SEC-registered public offering, writes Bill Thornhill.

Loan portfolio buyers increase, discounts fall

Fri, 25 May 2012 00:00:00 GMT

The number of investors that are considering buying loan portfolios is increasing, and the discounts they are negotiating are falling, according to a survey that should cheer Europe?s capital-hungry banks.

Six shortlisted for Zambia?s bond debut as banks cry foul

Fri, 25 May 2012 00:00:00 GMT

Zambia has shortlisted six banks from which it will pick two to run its debut international sovereign bond, EuroWeek can reveal. The firms chosen are Barclays, Citi, Deutsche Bank, JP Morgan, Standard Bank and Standard Chartered, writes Francesca Young.

3CIF, Moody?s faulted for suspension shock

Fri, 25 May 2012 00:00:00 GMT

Bankers have blamed both 3CIF and Moody?s for the unexplained two week suspension of the French mortgage lender?s debt, which the Autorit? des March?s Financiers (AMF) finally lifted on Thursday.

Waters moves to BNPP FIG under Van Kan

Fri, 25 May 2012 00:00:00 GMT

Mark Waters, head of energy and commodities, asset and project finance loan syndications and trading EMEA at BNP Paribas, is moving to a new role under former head of loans Julian Van Kan, writes Nina Flitman.

Korean corporates crave Swiss volume

Fri, 25 May 2012 00:00:00 GMT

Korean corporates are poised to tap into the Swiss franc market?s receptiveness to new names, with LG Electronics scheduled to hold its debut roadshow in Switzerland next week. The meetings follow SK Telecom?s triumphant recent inaugural trade and bolster bankers? claims that more companies are to come from the east Asian country.

Bond Market Awards Charity League Table 2012

Fri, 25 May 2012 00:00:00 GMT

EuroWeek thanks all the generous donors who contributed to raising such an impressive total to support the work of Anchor House.

Fiat marks post-crisis return to auto ABS for Italian originators

Fri, 25 May 2012 00:00:00 GMT

Fiat Group Automobile (FGA) Capital is set to test how far the European ABS revival has come, after it announced a securitisation backed by Italian car loans this week. The jurisdiction alone will put off some investors, but most bankers reckoned the short maturity and opportunity for yield should see the deal placed.

Banks get stuck in to FIG sales as Basel capital charges bite

Fri, 25 May 2012 00:00:00 GMT

Citi and Barclays this week sold minority stakes in other financial institutions in advance of the implementation of punitive capital charges under Basel III while Intesa Sanpaolo and UniCredit raised a few basis points of equity by selling their London Stock Exchange holdings.

Bookrunners of all international bonds ? 2012 (May 23, 2012)

Fri, 25 May 2012 00:00:00 GMT

Callable zero yields plunge as swap rate nears record low

Fri, 25 May 2012 00:00:00 GMT

Pricing on callable zero MTNs has being driven down to eye-watering lows because of ultra low 30 year dollar swap levels. As a result, Taiwanese life insurers ? traditional buyers of the instruments ? have been forced to look down the credit curve.

Gatehouse unfair dismissal hearing set for November

Fri, 25 May 2012 00:00:00 GMT

A hearing in London into unfair dismissal allegations brought against Gatehouse Bank and former colleagues by its former chief operating officer, James Bagshawe, was postponed on Monday after employment tribunal judges decided the case was too big to resolve in the five days that had been allocated to it this week.

Levfin set for test as Global Blue added to bulging pipeline

Fri, 25 May 2012 00:00:00 GMT

The European leveraged loans markets? strong technicals should be enough to ensure the success of new deals in syndication despite the closure of its sister high yield market ? but only as long as leverage and documentation terms remain tight, investors warned this week.

New Issues 1256

Fri, 25 May 2012 00:00:00 GMT

SEK extends duration after dollar week gets off to a supra start

Fri, 25 May 2012 00:00:00 GMT

Swedish Export Credit Corp (SEK) tested demand for five year dollars on Wednesday, the first SSA issuer to go longer than three years since Finland issued its 2017 bond on 25 April, with most borrowers focused on the more defensive three year tenor.

Bookrunners of all global bonds (Global) ? 2012 (May 23, 2012)

Fri, 25 May 2012 00:00:00 GMT

G-Rail, Tungsten waylaid but Evonik keeps IPO prep going

Fri, 25 May 2012 00:00:00 GMT

Two issuers this week postponed their IPOs as market conditions once again took their toll but Germany?s Evonik might yet launch its larger and much more eagerly awaited IPO, with a deal potentially launching as soon as today (Friday).

IBK makes very welcome return to Swissie market

Fri, 25 May 2012 00:00:00 GMT

Industrial Bank of Korea (IBK) this week joined the parade of Korean issuers visiting the Swiss franc market, pricing a Sfr150m 1.25% three year note on Tuesday, its first trade in the currency since 2008.

Mitsubishi UFJ snaps up Edwards for syndicate head

Fri, 25 May 2012 00:00:00 GMT

Fergus Edwards has been hired by Mitsubishi UFJ Securities International (MUSI) to head its syndicate desk excluding Japan, according to a source away from the bank. A spokesperson for Mitsubishi UFJ said that the firm would not comment on the speculation.

Obvion?s Storm 2012-3 RMBS close to pricing via Rabo and SG

Fri, 25 May 2012 00:00:00 GMT

Leads Rabobank and Soci?t? G?n?rale are set to complete Obvion?s third RMBS this year from its Storm programme on Friday.

Portugal and Ireland defy gloom to print CP in size

Fri, 25 May 2012 00:00:00 GMT

The Republic of Portugal and the Irish National Treasury Management Agency both sold bumper commercial paper prints this week in a rare piece of activity for the peripheral sovereigns as uncertainty has once more engulfed eurozone sovereign debt markets.

Yell to overhaul capital structure after covenant warning

Fri, 25 May 2012 00:00:00 GMT

After issuing a warning that it may breach its financial covenants this year as its Ebitda tumbles, Yell Group has turned to Goldman Sachs and Greenhill to advise it on putting in place a new capital structure. The UK directories firm hopes to complete the task in the next 12 months before the bulk of its debt matures in April 2014.

ABS bankers say RMBS can cope without JPM

Fri, 25 May 2012 00:00:00 GMT

The revival of the RMBS market could soon face an important test if recent losses in JP Morgan?s Chief Investment Office (CIO) have affected the unit?s willingness to continue the bulk buying of Dutch and UK RMBS seen in the past.

Bookrunners of all global syndicated loans ? 2012 (May 24, 2012)

Fri, 25 May 2012 00:00:00 GMT

ICG hires Mondovits for investor management

Fri, 25 May 2012 00:00:00 GMT

Leveraged loan, mezzanine and high yield debt manager Intermediate Capital Group (ICG) has hired Andreas Mondovits from UBS Asset Management to head its investor management group, the wing of the company responsible for new product development, fund distribution and client services.

Investec set to increase as FI loan market flies

Fri, 25 May 2012 00:00:00 GMT

Investec Bank plc, the UK arm of the South African bank, could increase a three year facility from ?120m to ?150m, as the flow of deals coming from financial institutions is proving to be the silver lining in an otherwise cloud-ridden loans sector.

Maybank leads spurt of rare yen MTN deals

Fri, 25 May 2012 00:00:00 GMT

Demand from Asia Pacific investors led to a series of yen denominated medium term note deals this week, including some from rare names.

Pfandbriefe break spread records on flight to quality bid

Fri, 25 May 2012 00:00:00 GMT

Pfandbrief-starved domestic accounts and international buyers fleeing to quality devoured a trio of German euro benchmark covered bonds this week.

TransCap targets locals with $100m offer

Fri, 25 May 2012 00:00:00 GMT

Transaction Capital, the South African non-bank lender, opened books for a R600m-R920m ($73m-$110m) Johannesburg IPO on Monday after completing 10 days of investor education in which its key peers traded strongly. The deal, however, is too small for most European funds and although the analyst came to London, and a day of management meetings are planned, the vast majority of the shares will likely be taken by South African funds.

?Sticky hands? hold firm despite LSE slump

Fri, 25 May 2012 00:00:00 GMT

Intesa Sanpaolo and UniCredit sold their stakes in the London Stock Exchange for ?298.6m overnight on Tuesday/Wednesday in a deal that had to contend with a late sell-off in the US and further weakness in Asia as the positive tone of earlier in the week quickly dissipated.

Banco Cooperativo Espa?ol announces ABS tender

Fri, 25 May 2012 00:00:00 GMT

Banco Cooperativo Espa?ol has joined the long list of Spanish banks tendering for ABS bonds. Meanwhile, Catalunya Banc bought back half of its targeted ?500m of ABS bonds, albeit at cheaper levels than in its first tender earlier this year.

BofA Merrill?s Hoggett adds short term debt role

Fri, 25 May 2012 00:00:00 GMT

Julia Hoggett has added short term fixed income origination, EMEA, to her responsibilities at Bank of America Merrill Lynch, EuroWeek understands.

Bookrunners of all syndicated loans marketed in EMEA ? 2012 (May 24, 2012)

Fri, 25 May 2012 00:00:00 GMT

Covered bonds touted as key to renewable energy financing

Fri, 25 May 2012 00:00:00 GMT

The prospect of wind farms backing covered bonds emerged this week in a discussion paper from the Climate Bonds Initiative.

StanChart?s renminbi record cheers dealers

Fri, 25 May 2012 00:00:00 GMT

In spite of the volatility that is crippling the unsecured bank debt markets in the eurozone, this week two banks broke records in commercial paper. Standard Chartered reached Rmb1bn ($158.2m) in renminbi euro commercial paper outstanding, while Santander sold its largest print in over a year.

Syndicated loans, Western Europe ? news in brief, May 25 2012

Fri, 25 May 2012 00:00:00 GMT

BNP Paribas? Autonoria 2012-1 auto loan deal ready for launch

Fri, 25 May 2012 00:00:00 GMT

Joint leads on BNP Paribas Personal Finance?s auto loan ABS were waiting for final approval on Thursday to go out with initial price thoughts, after the garnered a positive response from investors earlier this week.

Deutsche & JPM underwrite SAP?s takeover transaction

Fri, 25 May 2012 00:00:00 GMT

Deutsche Bank and JP Morgan have underwritten the ?2.4bn term loan facility put in place by German software firm SAP to finance its acquisition of Ariba, a cloud-based business commerce network.

ECM News in Brief, May 25, 2012

Fri, 25 May 2012 00:00:00 GMT

Germany: Loans bookrunner rankings ? last 12 months rolling

Fri, 25 May 2012 00:00:00 GMT

Santander picks new head for global wholesale

Fri, 25 May 2012 00:00:00 GMT

Banco Santander has appointed Banesto CEO Jos? Garc?a Cantera to run the global wholesale banking franchise. He replaces Adolfo Lagos, who is due to retire next year.

High yield stars bring M&A action to loans

Fri, 25 May 2012 00:00:00 GMT

In a startling burst of activity that will give a measure of relief to those bankers fretting about the prospect of a slow second quarter, German healthcare company Fresenius is tapping almost all segments of the capital markets as it looks to finance its ?3.1bn acquisition of Rh?n-Klinikum, a hospital group.

Nordic: Loans bookrunner rankings ? last 12 months rolling

Fri, 25 May 2012 00:00:00 GMT

Nykredit attracts new buyers with junior CB

Fri, 25 May 2012 00:00:00 GMT

Nykredit Realkredit found a strong reception among safety-conscious credit buyers for a rare euro benchmark junior covered bond on Wednesday.

Robur Fonder hires SEB syndicate banker

Fri, 25 May 2012 00:00:00 GMT

Robur Fonder, a fund management group owned by Swedbank, has hired Tony Clark as a senior fund manager on its corporate bond fund, working alongside Christian Leonhard and Fredrik Mattson.

BNZ revitalises Swissie senior unsecured scene

Fri, 25 May 2012 00:00:00 GMT

BNZ International Funding revived Swiss franc senior unsecured issuance this week when it priced a Sfr200m 1.5% 5.6 year note on Wednesday. But with domestic investors still wary of FIG risk, especially from Europe, the spectrum of senior unsecured borrowers able to tap the Swiss franc market remains limited.

EMEA Leveraged: Loans bookrunner rankings ? last 12 months rolling

Fri, 25 May 2012 00:00:00 GMT

Ono nets five year maturity relief with ?1.4bn refinancing

Fri, 25 May 2012 00:00:00 GMT

Spanish cable operator Ono (B2/B/B) said it has no significant debt maturities until 2017 after it signed a ?1.4bn refinancing loan with 12 institutions at interest rates described as "attractive" by Barclays high yield credit research analysts.

Domestic scramble for Landshypotek?s final old-style LT2

Fri, 25 May 2012 00:00:00 GMT

Landshypotek issued its first sub-debt capital note in five years on Tuesday, a Skr500m ($69.7m) dual tranche 10 year non-call five bond that included a regulatory capital event call that the issuer had not incorporated in any previous subordinated debt issue.

EMEA Utility and Energy: Loans bookrunner rankings ? last 12 months rolling

Fri, 25 May 2012 00:00:00 GMT

Standard Bank doubles up for $1.35bn facility

Fri, 25 May 2012 00:00:00 GMT

Standard Bank of South Africa attracted a staggering oversubscription of 96% for its three year bullet deal launched in March, allowing it to increase the loan from a planned $750m to $1.35bn.

Bookrunners of all global ECM issuance ? 2012 (May 24, 2012)

Fri, 25 May 2012 00:00:00 GMT

LTRO 3 would add to moral hazard for Europe

Fri, 25 May 2012 00:00:00 GMT

Speculation over the potential for a third long term refinancing operation (LTRO) from the European Central Bank spread throughout the European banking finance markets this week, as worries increased over the future of the eurozone.

Syndicated loans, emerging markets ? news in brief, May 25 2012

Fri, 25 May 2012 00:00:00 GMT

Bookrunners of all EMEA ECM issuance ? 2012 (May 24, 2012)

Fri, 25 May 2012 00:00:00 GMT

Subordinated deals still possible ? but not just yet

Fri, 25 May 2012 00:00:00 GMT

Optimism that more FIG borrowers will be able to bring capital transactions before summer was strong among syndicate officials this week, despite a volatile backdrop.

Bookrunners of EMEA overnight ECM transactions ? 2012 (May 24, 2012)

Fri, 25 May 2012 00:00:00 GMT

?VAG offers to buy back ?250m preferred security

Fri, 25 May 2012 00:00:00 GMT

Austria?s ?VAG launched a buyback and consent solicitation on a preferred security on Tuesday night in a bid to improve its capital position.

Bookrunners of all EMEA equity-linked ? 2012 (May 24, 2012)

Fri, 25 May 2012 00:00:00 GMT

Single-A whoppers show demand ? can riskier names come?

Fri, 25 May 2012 00:00:00 GMT

Europe?s corporate bond market roared back to life on Tuesday when three strong global blue chips ? GDF Suez, AT&T and Philip Morris International ? launched blockbuster bonds, in a blaze of deals that totalled ?6.66bn.

All investment banking revenue ? Global 2012 (May 24, 2012)

Fri, 25 May 2012 00:00:00 GMT

BHP?s all-terrain juggernaut digs ?2bn on rough day

Fri, 25 May 2012 00:00:00 GMT

BHP Billiton, the Australian/UK mining group, showed on Wednesday that a really strong corporate borrower can issue bonds in Europe even on a day with a dreadful market background.

Equity capital markets revenue ? Global 2012 (May 24, 2012)

Fri, 25 May 2012 00:00:00 GMT

Sovereign, Saxon Weald get ?475m in UK housing flurry

Fri, 25 May 2012 00:00:00 GMT

This year?s unprecedented flow of UK social housing bonds continued on Thursday when Sovereign Housing raised ?250m of secured debt in its second visit to the bond market.

GDF Suez breaks deal gap in ?3bn M&A hit

Fri, 25 May 2012 00:00:00 GMT

Into a European corporate bond market becalmed for weeks, GDF Suez on Tuesday launched the market?s biggest deal for two years, raising ?3bn.

Mergers & Acquisitions revenue ? Global 2012 (May 24, 2012)

Fri, 25 May 2012 00:00:00 GMT

Syndicated loan revenue ? Global 2012 (May 24, 2012)

Fri, 25 May 2012 00:00:00 GMT

US blue chips AT&T and Philip Morris f?ted in Europe

Fri, 25 May 2012 00:00:00 GMT

Large deals from household name US companies are very rare in Europe, so for two ? AT&T and Philip Morris International ? to come on the same day was remarkable.

Bonds Tables 1256

Fri, 25 May 2012 00:00:00 GMT

Paccar tours Europe as blue chip bid runs high

Fri, 25 May 2012 00:00:00 GMT

Paccar, the US truck maker, roadshowed in Europe in the first half of this week for a possible bond issue.

Fresenius, KDG, Ono bridges raise deal hopes

Fri, 25 May 2012 00:00:00 GMT

Bridge-to-bond transactions for Kabel Deutschland, Fresenius, Ono and Wind Telecommunicazioni are the only straws for bankers to grasp at in the European high yield market at the moment, as volatile markets have sent other issuers into hiding.

Football?s Gelsenkirchen-Schalke 04 to sell German retail bond

Fri, 25 May 2012 00:00:00 GMT

German football club Gelsenkirchen-Schalke 04 hopes to raise up to ?50m of seven year ?Mittelstand bonds? with a 6.75% coupon.

VTB dusts off sukuk plans ahead of tour of global currencies

Fri, 25 May 2012 00:00:00 GMT

Russian bank VTB has once again set its sights on a debut sukuk, having postponed two previous attempts during the Middle East crisis years of 2009 and 2010.

VTB to use equity linked to tap into structured interest

Fri, 25 May 2012 00:00:00 GMT

VTB is planning to issue equity-linked notes in dollars and in roubles, to be internationally and domestically placed in MTN format on a reverse enquiry basis.

Well timed DIB sukuk rallies sharply despite dark backdrop

Fri, 25 May 2012 00:00:00 GMT

Swift work this week by bookrunners of Dubai Islamic Bank?s $500m five year sukuk saw the deal priced in time to catch a strong intraday rally. The 4.752% senior unsecured notes enjoyed a glowing reception in the secondary market on Tuesday afternoon, at one stage trading up nearly three quarters of a point above par.

Mexico sets sights on public Samurai return

Fri, 25 May 2012 00:00:00 GMT

Marketing on Mexico?s first public Samurai offering will go ahead as planned despite global market uncertainty and a dearth of other issuance from Latin American borrowers, finance ministry officials said this week.

DIFC closes in on $1bn loan to fund sukuk maturity

Fri, 25 May 2012 00:00:00 GMT

Dubai?s DIFC Investments has this week moved closer to finding a solution for its looming $1.25bn sukuk maturity, with indications that the firm is on the verge of securing a $1bn loan from four banks.

VTB offers another rollover for Ukraine loan

Fri, 25 May 2012 00:00:00 GMT

A $2bn loan from VTB to Ukraine?s government is being rolled over again, a move that analysts see as positive for the country. But as time ticks on and the repayment of the loan is delayed once again, the interest on the deal is becoming more punitive for Ukraine.

Russian bond tax threat is now over, says VTB?s Moos

Fri, 25 May 2012 00:00:00 GMT

The threat of a Russian Eurobond tax, which has hovered over the market since the start of this year, is set to be removed.

Slovakia tap takes bond to Sfr500m

Fri, 25 May 2012 00:00:00 GMT

The Slovak Republic returned to the Swiss franc market on Monday, after pricing its debut Sfr425m dual trancher in April, to tap its 10 year clip by Sfr75m and take the overall deal?s size to Sfr500m ? an unvoiced ambition the borrower had harboured since the original execution.

Globex Bank joins growing supply of Russian ECP

Fri, 25 May 2012 00:00:00 GMT

Globex Bank made its first foray into Euro commercial paper this week with a pair of clips worth $90m, adding to the growing supply of Russian paper within the market.

Gulf Finance House gains more time on sukuk repayment

Fri, 25 May 2012 00:00:00 GMT

Bahrain-based Islamic investment bank Gulf Finance House (GFH) this week gained much needed relief this week, as creditors to a looming sukuk maturity agreed to extend the tenor by six years. However, analysts and fund managers warned that GFH still faces an uphill struggle in coming months.

MTN League Tables and Commentary 1256: Citi top of structured

Fri, 25 May 2012 00:00:00 GMT

People Moves in Brief, May 25, 2012

Fri, 25 May 2012 00:00:00 GMT

Erste Abwicklungsanstalt ? EAA

Fri, 25 May 2012 00:00:00 GMT

European Financial Stability Facility ? EFSF

Fri, 25 May 2012 00:00:00 GMT

KfW

Fri, 25 May 2012 00:00:00 GMT

Os?o SA

Fri, 25 May 2012 00:00:00 GMT

Dubai Islamic Bank

Fri, 25 May 2012 00:00:00 GMT

Industrial Bank of Korea

Fri, 25 May 2012 00:00:00 GMT

Markit Data 1256

Fri, 25 May 2012 00:00:00 GMT

Belgians could look to senior if covered legislation delayed, say bankers

Fri, 25 May 2012 00:00:00 GMT

Bankers on Friday said Belgian lenders could be forced into the senior unsecured market for funding if the introduction of covered bond legislation was delayed. Markets expectations were that the legislation would be in place in the third quarter of the year, but now bankers fear that this could slip.

Bookrunners of European HY bonds, May 25, 2012

Fri, 25 May 2012 00:00:00 GMT

Bookrunners of European IG corporate bonds, May 25 2012

Fri, 25 May 2012 00:00:00 GMT

Citi completes Akbank sale, raises $1.1bn

Fri, 25 May 2012 00:00:00 GMT

Citi completed a $1.145bn sale of part of its Akbank stake on Thursday evening. The accelerated bookbuild was quickly completed and the stock traded healthily above the offer price on Friday but the price achieved was significantly lower than the level prevailing when Citi first flagged a disposal in mid-March.

Contagion seen limited as Bankia recap figure rises

Fri, 25 May 2012 00:00:00 GMT

Spanish savings group Bankia took another step towards full nationalisation on Friday as the Spanish stock market suspended trading in its stock. The suspension came as the bank?s board met to prepare an announcement in which Bankia is expected to ask for an extra ?15bn of capital from the state to keep itself from collapsing.

Evonik says ?go? ? even though Greece might say ?no?

Fri, 25 May 2012 00:00:00 GMT

The decision to launch the ?3.5bn-?5bn IPO of Evonik on Friday morning generated mixed reviews from ECM bankers with some worried that Europe?s flagship transaction will be a hostage to market and political sentiment. But there was also plenty of conviction that it is the right deal to bring to market now.

Global FIG bonds: May 25

Fri, 25 May 2012 00:00:00 GMT

Global FIG bonds: May 25

Guidance revised for Obvion?s Storm 2012-3

Fri, 25 May 2012 00:00:00 GMT

Rabobank and Soci?t? G?n?rale have revised guidance for both tranches of Obvion?s Storm 2012-3 RMBS. Books closed on Friday morning and the deal will be priced in the afternoon.

Huhtamaki, Outokumpu hope to emulate Sponda?s success

Fri, 25 May 2012 00:00:00 GMT

Two more unrated Finnish corporate bond issues could come next week if market conditions are favourable, after property company Sponda this week completed a successful and tightly priced ?150m issue.

Iacovone returns to London with Lloyds

Fri, 25 May 2012 00:00:00 GMT

Daniele Iacovone has returned to the London loans market from the US to be the head of loan market distribution at Lloyds Bank.

Millar leaves Citi

Fri, 25 May 2012 00:00:00 GMT

John Millar, the experienced Merrill Lynch ECM banker who had been at Citi for the last couple of years, left the firm this week.

Paccar?s ?300m is no stretch at 10bp inside talk

Fri, 25 May 2012 00:00:00 GMT

Paccar, the US truckmaker, returned to the euro market today after a year's gap, with an identical ?300m three year bond that investors snapped up.

Price thoughts released for BNPP Autonoria

Fri, 25 May 2012 00:00:00 GMT

Leads managers have released initial price thoughts for Autonoria 2012-1, a securitisation of French car loans originated by BNP Paribas Personal Finance, and have indicated they will keep books open until early next week.