EuroWeek - EMEA

Econet calls in development bank loan

Thu, 24 May 2012 16:07:57 GMT

African telecoms firm Econet Wireless Group has signed a $362m facility from development banks to refinance loans and purchase equipment.

Alain Afflelou targets funds for senior syndication

Thu, 24 May 2012 16:07:56 GMT

Citi and UniCredit have launched syndication of ?350m of senior loans backing Lion Capital?s acquisition of French optician chain Alain Afflelou, after Credit Suisse, ING and Soci?t? G?n?rale joined the bank group as mandated lead arrangers.

Investec increase on the cards

Thu, 24 May 2012 16:07:56 GMT

Investec Bank plc, the UK arm of the South African bank, could increase a three year facility from ?120m to ?150m, as it is set to close oversubscribed.

BNZ revitalises Swissie senior unsecured scene

Thu, 24 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.

Citi sells Akbank as banks cut FIG holdings

Thu, 24 May 2012 00:00:00 GMT

Citi on Thursday launched a T2.4bn ($1.2bn) sale of just over half its 20% stake in Turkey?s Akbank. The sale, first flagged in March, is a response to Basel III capital charges on minority stakes in other financial institutions ? the same motivating factor as given by Barclays earlier this week when it disposed of its entire BlackRock stake.

Confusion at 3CIF over Moody?s intervention

Thu, 24 May 2012 00:00:00 GMT

Funding officials at French mortgage lender 3CIF have told EuroWeek they had no choice but to keep investors in the dark regarding the suspension of trading in the firm's debt from Euronext and the Luxembourg stock exchange just over two weeks ago.

Delta Lloyd bides time after roadshow

Thu, 24 May 2012 00:00:00 GMT

As leads wait for final feedback from Delta Lloyd Life?s investor meetings to evaluate the prospects of a bond issue, bankers say the market backdrop is not yet ready for capital deals.

Favoured borrowers BAE and Statkraft swell pipeline

Thu, 24 May 2012 00:00:00 GMT

Two borrowers joined the European corporate bond pipeline today. BAE Systems, the defence manufacturer, announced a London and Edinburgh roadshow for Monday and Tuesday next week, with Bank of America Merrill Lynch, BNP Paribas, Lloyds and Royal Bank of Scotland.

Five-in-a-row as G-Rail postpones

Thu, 24 May 2012 00:00:00 GMT

Georgian Railway on Thursday postponed its $200m-$250m London IPO, becoming the latest casualty of volatile market conditions. It makes for five postponed deals in a row ? but Germany?s Evonik might yet launch its larger and much more eagerly awaited IPO imminently.

Global Blue LBO heads to loan market

Thu, 24 May 2012 00:00:00 GMT

Silver Lake and Partners Group have mandated JP Morgan, Natixis and Royal Bank of Canada to underwrite the debt backing their ?1bn buyout of tax free shopping technology company Global Blue from Equistone Partners.

Globex Bank joins growing supply of Russian ECP

Thu, 24 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.

G-Rail postpones IPO

Thu, 24 May 2012 00:00:00 GMT

Georgian Railway on Thursday postponed its $200m-$250m London IPO, becoming the latest casualty of volatile market conditions. Books were closed last night but there was no coverage message or update before the postponement on Thursday morning.

Grontmij beats precedent for rescue rights

Thu, 24 May 2012 00:00:00 GMT

Grontmij, the Dutch engineering consultancy, completed a long-running ?80m rescue rights issue on Thursday with a rump placement for 8% of the deal size. That was seen as a good result by bankers ? in line with Dutch small-cap precedents even in the face of market volatility.

IBK returns to welcoming Swissie market

Thu, 24 May 2012 00:00:00 GMT

Industrial Bank of Korea (IBK) this week joined the recent 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.

Leads price Bank of Queensland Aussie auto deal

Thu, 24 May 2012 00:00:00 GMT

Bank of Queensland has completed its REDS EHP 2012-1E auto securitisation, which included a ?100m sterling tranche sold through Lloyds and Macquarie as well as a small double-A rated Australian dollar tranche.

Sovereign Housing gets ?250m as HA flow rolls on

Thu, 24 May 2012 00:00:00 GMT

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

Another Spanish ABS tender hits screens

Wed, 23 May 2012 00:00:00 GMT

Banco Cooperativo Espanol 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.

BHP Billiton shows all-weather funding clout with ?2bn

Wed, 23 May 2012 00:00:00 GMT

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

DIB $500m sukuk trades up after book covered four times

Wed, 23 May 2012 00:00:00 GMT

Dubai Islamic Bank?s newly issued $500m five year sukuk has met with a strong secondary market reception, trading up as much as half a point above par since it was priced on Tuesday afternoon. DIB priced the dollar Reg S benchmark sukuk at 365bp over mid-swaps, 10bp inside initial guidance.

Domestic scramble for rare Landshypotek sub debt

Wed, 23 May 2012 00:00:00 GMT

Landshypotek issued its first sub-debt capital note in five years on Tuesday, a Skr500m 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.

Fiat heralds Italian return to auto ABS

Wed, 23 May 2012 00:00:00 GMT

Fiat Group Automobiles (FGA) Capital has announced a securitisation of Italian car loans, in a deal being marketed as the first publicly sold Italian auto ABS since the financial crisis that blew up in 2007.

Iacovone returns to London with Lloyds

Wed, 23 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.

June signing on the cards for Glencore Exploration

Wed, 23 May 2012 00:00:00 GMT

General syndication for Glencore Exploration?s $600m loan is expected to sign from a select club of banks by the end of the quarter, said bankers. The loan is for an oil and gas development in Equatorial Guinea.

Mitsubishi UFJ snaps up syndicate head

Wed, 23 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 releases price thoughts

Wed, 23 May 2012 00:00:00 GMT

Dutch RMBS issuer Obvion on Wednesday announced price thoughts for its Storm 2012-3 RMBS.

?VAG targets pref for capital generation

Wed, 23 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. The borrower is offering to buy back a ?250m fixed to floating rate preferred security at 39% of par.

Railway wait, Tungsten close

Wed, 23 May 2012 00:00:00 GMT

Georgian Railway closed the book on its planned $200m London IPO as planned on Wednesday but there was no update or message from the bookrunners on coverage. A statement is due in the morning.

Santander prints largest CP clip in over a year

Wed, 23 May 2012 00:00:00 GMT

Santander braved concerns over the Spanish banking sector today by printing its largest piece of commercial paper in more than a year.

Schalke 04 to sell retail bond in Germany

Wed, 23 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.

Sticky hands hold on as LSE slumps post placement

Wed, 23 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.

Time running out for FIG senior issuance

Wed, 23 May 2012 00:00:00 GMT

With summer holidays on the horizon and credit spreads beginning to widen once again, the window for financial sector borrowers to tap the market is slowly closing. Bankers on Wednesday said that senior would take a back seat even as the corporate and covered bond markets saw primary supply, arguing that recent developments had further damaged sentiment towards FIG borrowers.

VTB offers another rollover for Ukraine loan

Wed, 23 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 the country.

VTB to tap structured interest with equity-linked notes

Wed, 23 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.

Wienerberger builds an extension

Wed, 23 May 2012 00:00:00 GMT

Austria?s Wienerberger has extended the tenor of a ?250m credit line set to mature in 2013 by three years to March 2016.

Fairstar funding for Forte and Finesse

Tue, 22 May 2012 15:37:54 GMT

Dutch shipping firm Fairstar Heavy Transport has completed a $247m syndicated loan, led by ING, to finance the outstanding payment obligations for the construction of two semi-submersible vessels.

ICG hires Mondovits for investor management

Tue, 22 May 2012 15:37:54 GMT

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

Lender demand almost doubles Standard Bank loan

Tue, 22 May 2012 15:37:54 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 deal from a planned $750m to $1.35bn.

ABS bankers say RMBS is ready to cope without JP Morgan

Tue, 22 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.

Aussie auto ABS offers bonds in sterling

Tue, 22 May 2012 00:00:00 GMT

Bank of Queensland subsidiary BOQ Equipment Finance will offer a sterling tranche in REDS EHP 2012-1E, a securitisation of car leases originated in Australia.

Dubai Islamic Bank launches benchmark sukuk

Tue, 22 May 2012 00:00:00 GMT

Dubai Islamic Bank has launched its five-year dollar Reg S benchmark sukuk at 365bp over mid-swaps, 10bp inside its 375bp initial price guidance. The deal is expected to price in the early afternoon on Tuesday, UK time.

EFG offers claw-back in treasury sale

Tue, 22 May 2012 00:00:00 GMT

EFG International, the Swiss private bank, has agreed to sell its treasury share holding ? 7% of its share capital ? to its largest shareholder in a Sfr75.6m deal to which all shareholders will have claw-back rights.

Fitch predicts more defaults as debt costs rise

Tue, 22 May 2012 00:00:00 GMT

Lower rated companies could struggle to refinance legacy bank debt in the coming years, leading to a rise in defaults, Fitch has predicted.

Gatehouse unfair dismissal hearing delayed, judges seek more time

Tue, 22 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.

GDF Suez breaks drought with biggest deal for two years

Tue, 22 May 2012 00:00:00 GMT

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

MOL negotiates extension on June loan

Tue, 22 May 2012 00:00:00 GMT

Hungarian oil and gas firm MOL is in talks with its lending group over the extension of a ?1bn five year plus one plus one loan that the borrower signed in June last year.

Montana opens books for Austrian retail debut

Tue, 22 May 2012 00:00:00 GMT

Montana Tech Components, the Austrian high tech manufacturer, opened the books today at 2pm Vienna time for its first bond issue.

Morgan Stanley wins LSE mandate

Tue, 22 May 2012 00:00:00 GMT

Italy?s two biggest banks moved to sell their holdings of London Stock Exchanges shares on Tuesday after the stock closed up 2.2% on Tuesday, partially rebounding after slipping from a three year high at the end of April.

New IB head at Santander

Tue, 22 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.

Risk-off movements concentrated in front end, say bankers

Tue, 22 May 2012 00:00:00 GMT

European banks? curves are steepening up to three years and flattening beyond that point, suggesting investors are concerned about the short term stability of the continent?s banking sector but more confident about the long term, bankers told EuroWeek on Tuesday.

Slovakia takes another hit of Swissies to reach new high

Tue, 22 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 the 10 year clip by Sfr75m. The tap took the overall deal?s size to Sfr500m ? an unvoiced ambition that the borrower had harboured since the original deal.

Standard Chartered reaches Rmb1bn ECP summit with third clip

Tue, 22 May 2012 00:00:00 GMT

Standard Chartered is claiming an industry first after topping Rmb1bn ($158.2m) in outstanding euro commercial paper volume and is positioning itself as the largest issuer of renminbi ECP from London.

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

Tue, 22 May 2012 00:00:00 GMT

Corporate borrowers? alertness to market conditions was evident today, as the first clement day for issuing in Europe for some time dawned, and not one but three large transactions were launched. The biggest was GDF Suez?s ?3bn, but that did not overshadow highly successful issues by AT&T and Philip Morris International.

US HY stumbles over Select Medical Corp, Harland Clarke

Tue, 22 May 2012 00:00:00 GMT

The US high yield bond market?s resilience has slipped slightly in the past week, as intensifying concerns over the Eurozone have crept across the Atlantic.

VTB sets sights on Sing dollars and sukuk this year

Tue, 22 May 2012 00:00:00 GMT

VTB, a Russian bank that has worked hard to expand its funding sources over the last few years, is not yet done with diversification. Not only is it planning to tap the Singapore dollar market before the summer holiday period in order to push out its curve in that maturity, but it also has plans to place a deal in Swiss francs and to showcase the possibilities for Russian issuers in the sukuk market before the end of the year.

VTB's Moos sees end of Russian Eurobond tax threat

Tue, 22 May 2012 00:00:00 GMT

The threat of a Russian Eurobond tax, which has been hovering over the market since the start of this year, is set to be removed. Had it gone ahead, the measure risked hitting Russian borrowers with a retrospective withholding tax or a future tax. Neither is now expected to be instigated.

Yell to overhaul capital structure after covenant warning

Tue, 22 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.

Hercules signs new ?350m loan

Mon, 21 May 2012 15:26:33 GMT

Hercules Unit Trust, a retail warehouse fund managed by Schroder Property and 41% owned by British Land, has refinanced its existing debt facilities with a new five year ?350m line from Lloyds Banking Group, Metropolitan Life Insurance Company and Royal Bank of Scotland.

Amadeus takes new ?200m revolver, decreases bridge loan

Mon, 21 May 2012 15:26:33 GMT

Spanish travel technology firm Amadeus has signed a new ?200m facility with a club of eleven banks.

Kabel Deutschland leverage up nearly half a turn on acquisition

Mon, 21 May 2012 15:26:33 GMT

Deutsche Bank, Goldman Sachs and Morgan Stanley have provided a ?600m unsecured 12 month bridge loan to Kabel Deutschland to finance the company?s acquisition of rival German cable company Tele Columbus.

Barclays launches $6bn BlackRock sale

Mon, 21 May 2012 00:00:00 GMT

Barclays on Monday launched a $6bn sale of its entire 19.6% stake in asset manager BlackRock, in advance of the implementation of punitive capital charges under Basel III.

Barclays launches $6bn BlackRock sale to beat Basel

Mon, 21 May 2012 00:00:00 GMT

Barclays on Monday launched a $6bn sale of its entire 19.6% stake in asset manager BlackRock, in advance of the implementation of punitive capital charges under Basel III.

Beazley uses excess liquidity to buy back LT2

Mon, 21 May 2012 00:00:00 GMT

Specialist insurer Beazley has bought back ?30m of a ?150m deal in a liability management exercise that was designed to take advantage of excess liquidity.

Evonik gets go-ahead, for now

Mon, 21 May 2012 00:00:00 GMT

German ECM bankers were last week reluctant to write off the chances of speciality chemicals firm Evonik in the IPO market even as other deals fell away.

Full house for Fresenius as it follows up equity with loans, bonds

Mon, 21 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.

Gabon meets bond investors

Mon, 21 May 2012 00:00:00 GMT

Gabon met fixed income investors in New York last week. Representatives from the country had been in the city on governmental meetings and were keen to update investors while there. Citi arranged the meetings.

Garanti Leasing returns with murabaha

Mon, 21 May 2012 00:00:00 GMT

The leasing arm of Turkey?s Garanti Bankasi has signed a dual currency $75m-equivalent murabaha from eight banks after a six year break from the syndicated loan market.

Huhtamaki joins Finnish bond spate with Sponda, Outokumpu

Mon, 21 May 2012 00:00:00 GMT

Huhtamaki, the Finnish packaging group, has announced a roadshow to bond investors, organised by Nordea Markets and Pohjola Bank.

Loan portfolio buyers increase, discounts fall as bank eye deleveraging

Mon, 21 May 2012 00:00:00 GMT

The number of investors looking at 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.

Obvion sticks with euros for Storm 2012-3 RMBS

Mon, 21 May 2012 00:00:00 GMT

Obvion has announced a third RMBS of the year from its Storm programme, choosing not to follow fellow Dutch issuer Aegon with a dollar deal but instead provide some much needed euro RMBS supply.

Paccar tours Europe as demand for blue chips runs high

Mon, 21 May 2012 00:00:00 GMT

Paccar, the US truck maker, is roadshowing in Europe this week for a possible bond issue.

Plans emerge for Kabel Deutschland, Fresenius bridges-to-bonds

Mon, 21 May 2012 00:00:00 GMT

Details about more than ?2.5bn of bridge-to-bond transactions for Kabel Deutschland and Fresenius have emerged today.

Polyus Gold repays September bridge loans

Mon, 21 May 2012 00:00:00 GMT

Russia?s largest gold producer Polyus Gold International has repaid around $460m in bridge loans it borrowed from VTB Bank and Soci?t? G?n?rale in September last year.

Robur Fonder hires SEB syndicate banker for bond fund

Mon, 21 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.

Senior looks to covered bonds, corporate sector for lead

Mon, 21 May 2012 00:00:00 GMT

Spreads began to inch tighter in senior unsecured on Monday, leading syndicators to look to the covered bond market and the corporate sector to lead the way and help break the funding deadlock of the past 11 days. While there was no activity in senior, Clydesdale mandated for a covered bond roadshow, raising hopes that senior could benefit from a better tone in that market.

Spain mandates two for bank stress tests

Mon, 21 May 2012 00:00:00 GMT

The Bank of Spain has hired Roland Berger and Oliver Wyman to stress test its banks, but is yet to hire firms to take a close look at the value of the assets on balance sheets, it said on Monday.

Sukuk holders approve Gulf Finance House restructuring

Mon, 21 May 2012 00:00:00 GMT

Bahrain-based Islamic investment bank Gulf Finance House (GFH) has gained approval from creditors to restructure its debt, with the outstanding $110m of a looming sukuk maturity extended to June 2018. In addition, GFH has obtained a two year grace period on the notes, with repayment starting in 2014.

TransCap offers 35% discount in SA listing

Mon, 21 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 though 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.

Europe must act now to help Greece and growth

Fri, 18 May 2012 00:00:00 GMT

There may be only a month to go before a second Greek default and possible exit from the euro. There may even be less time, if the bleeding of deposits from Greek banks becomes life-threatening, and central banks or the Eurozone rescue mechanisms do not stanch the flow.

M&A rainmakers: underpaid, underemployed ? and off to clients

Fri, 18 May 2012 00:00:00 GMT

With all banks taking a fresh look at headcount in their advisory businesses and dealflow patchy at best, the industry is losing expertise as more senior bankers opt to join the corporate sector, writes David Rothnie.

Spain seeks game-changer as contagion storm grows

Fri, 18 May 2012 00:00:00 GMT

Investors and bankers are demanding decisive action from policymakers to halt the meltdown of Spain?s intertwined banking sector and sovereign with a vast cash injection.

Not my world anymore

Fri, 18 May 2012 00:00:00 GMT

Happy Birthday to Mark Zuckerberg, who was just twenty-eight years old on Monday. Luckily, he managed to coincide the anniversary with the final stages of the Facebook flotation, so that every year he will easily be able to remember when it was exactly that he crystallised his billions.

Saudi Fransi?s bulging sukuk book shows Islamic finance power

Fri, 18 May 2012 00:00:00 GMT

The Islamic bond market this week gave the clearest demonstration yet of its insulation from global turmoil, with Banque Saudi Fransi receiving an order book of over $4bn for its aggressively priced debut benchmark sukuk.

Jules Verne (Berlin): with Christoph Kind, head of asset allocation, Frankfurt-Trust Asset Management

Fri, 18 May 2012 00:00:00 GMT

Travelling across Berlin you cannot help but replay scenes from all those spy movies. Arriving in the heart of the old west of the city brings to mind Michael Caine as Harry Palmer in Funeral in Berlin. The opening sequence contrasts pretty girls sipping wine in bars on the smart Kurf?rstendamm, not far from Jules Verne, with the concrete brutalism and watchtowers of the Berlin Wall.

OP?s stellar jumbo proves covered market strength in appalling week for bonds

Fri, 18 May 2012 00:00:00 GMT

Finland?s OP Mortgage Bank shrugged off an appalling market backdrop and ended a two week covered bond drought with a stellar benchmark trade on Wednesday.

BNPP goes global with new position for Marks

Fri, 18 May 2012 00:00:00 GMT

BNP Paribas has promoted Christopher Marks to global head of debt capital markets, a position that has not existed at the bank for some years.

High yield borrowers fear 10% coupons as new norm

Fri, 18 May 2012 00:00:00 GMT

Coupons above 10% are becoming more common on high yield bond issues, suggesting that the market for weaker borrowers has shifted to a new pricing level, at which servicing the debt may be less sustainable.

EuroWeek Bond Awards ? Full Results

Fri, 18 May 2012 00:00:00 GMT

EuroWeek celebrated 25 years of bond market coverage on Tuesday May 15 with a gala dinner to honour the most impressive banks, bankers, borrowers and funding officials in the market today. In the EuroWeek tradition, we asked market participants to vote for the award winners and below is the full list of the award winners and runners-up. Many thanks to all who joined us at Guildhall for making the night such a special one, to all who voted in the Awards polls and helped with the process, and many congratulations to all our winners. For more information on the award methodology, contact Katie Llanos-Small, fixed income editor: kllanos-small@euroweek.com.

Fears grow of CEE funding crunch as euro woes worsen

Fri, 18 May 2012 00:00:00 GMT

There is clear evidence that private sector Eurozone banks are cutting lending to central and eastern European as they embark on deleveraging to heal their balance sheets, a central bank governor warned on Thursday.

EuroWeek Bond Dinner 2012

Fri, 18 May 2012 00:00:00 GMT

Lamberg heads to HK

Fri, 18 May 2012 00:00:00 GMT

Cr?dit Agricole?s MTN head, Ben Lamberg, is set to move to Hong Kong to head the bank?s debt business for Asia including Japan, EuroWeek understands. The job is a new one that has been created as part of a strengthening of the bank?s Asia franchise.

Jolliffe to lead EM at UBS

Fri, 18 May 2012 00:00:00 GMT

UBS has appointed Rob Jolliffe to head its emerging markets effort, with a focus on improving the linkage between the firm?s EM capabilities in investment banking, capital markets, FICC and equities.

The EuroWeek 25: The most influential participants in the bond markets

Fri, 18 May 2012 00:00:00 GMT

To mark EuroWeek?s 25th anniversary at this year?s Bond Market Dinner, special awards were given out to the 25 most influential people working in the capital markets today.

Moody?s wait sees investors shorten tenors, cut exposure

Fri, 18 May 2012 00:00:00 GMT

Investors in commercial paper have steadily been reducing the tenors of their bank exposure or cutting their buying of bank paper altogether in the uncertainty over the Moody?s bank ratings.

Access no areas

Fri, 18 May 2012 00:00:00 GMT

Loan Ranger has seen his fair share of security measures. We?ve persevered through the worst Heathrow has to offer, in search of a story ? and even managed to get through Bank of America?s fearsome scanners. But nothing could prepare us (or rather, we were woefully unprepared) for the EBRD's annual conference in London on Friday and Saturday.

Bookrunners of all international bonds ? 2012 (May 16, 2012)

Fri, 18 May 2012 00:00:00 GMT

Car issuers close in on record month of MTNs

Fri, 18 May 2012 00:00:00 GMT

Carmakers used debuts in new currencies to help them near a record month for medium term note issuance ? even though May is only half gone.

CS reshuffles ECM, combines origination and syndicate

Fri, 18 May 2012 00:00:00 GMT

Credit Suisse shuffled its global equity capital markets structure this week, ending its practice of splitting the origination and syndicate functions.

It's the wrong trousers, Darrant!

Fri, 18 May 2012 00:00:00 GMT

Euroblog was delighted to catch up with so many in the market at EuroWeek's bond awards dinner this week. It?s always informative to observe such a group interacting en masse, but this year (and we?re not sure if the different venue was to blame) we couldn?t help wondering if it was a full moon. Bankers across the SSA sector were observed to be behaving rather oddly ? or rather their clothes were.

KSPG presses pause as turmoil leads to fears of new IPO shutdown

Fri, 18 May 2012 00:00:00 GMT

KSPG, the automotive parts manufacturer being sold by defence group Rheinmetall, put its ?300m-?500m IPO on hold on Thursday after a turbulent week with talk of bank runs and euro exits that left investors in no mood to value new issues.

Santander UK raises ?2.25bn through Fosse RMBS in torrid week

Fri, 18 May 2012 00:00:00 GMT

Santander UK managed to raise ?2.25bn of funding through its Fosse 2012-1 RMBS in a week when Eurozone storm clouds were gathering over the markets. The deal offered bonds across 10 tranches, five currencies and four maturities. And for the first time since 2007, it included double-A rated notes.

Spain rounds up its banks for ?35bn loan to settle local debts

Fri, 18 May 2012 00:00:00 GMT

A syndicate of 26 Spanish lenders has provided a ?30bn syndicated loan to allow Spain?s regional and city governments to pay off debts to their suppliers.

Wham bam thank you Snam: ?11bn deal proves demand still strong for Italy names

Fri, 18 May 2012 00:00:00 GMT

One of the largest deals of the year supporting gas transporting firm Snam?s demerger from ENI has proved that there is still plenty of appetite for transactions coming out of Italy despite worries about the stability of southern European sovereigns rumbling on.

Bookrunners of all global bonds (Asia Pacific) ? 2012 (May 16, 2012)

Fri, 18 May 2012 00:00:00 GMT

EDC tightens dollar MTN levels after 144A surge

Fri, 18 May 2012 00:00:00 GMT

Export Development Canada (EDC) tightened its dollar MTN levels on Thursday after being inundated with demand from US investors throughout the week.

Georgian Rail sets price range, but $200m deal is no certainty

Fri, 18 May 2012 00:00:00 GMT

Georgian Railway started taking orders for a $200m-$250m London IPO on Wednesday after four weeks of investor education produced a price range that, while in line with initial expectations, the bookrunners think should work amid treacherous market conditions.

No price rises for Mid East loans as borrowers leverage ancillary

Fri, 18 May 2012 00:00:00 GMT

Rock bottom loan margins in the Middle East are here to stay, said market participants, as corporates in the region increasingly see a competitively priced loan product as a bank's route into lucrative ancillary deals.

Prime ABS nonplussed amid euro chaos

Fri, 18 May 2012 00:00:00 GMT

Stocks have plummeted, peripheral sovereign bond yields have passed 6% again and financials indices have returned to late 2011 levels. But the worsening market backdrop has not yet shut the door on the ABS market.

Troika push still on in FIG, equity syndicate

Fri, 18 May 2012 00:00:00 GMT

The investment banking expansion at the merged Troika Dialog and Sberbank picked up pace this week with new hires in Moscow and London.

Washington supras to follow Scandi scorcher

Fri, 18 May 2012 00:00:00 GMT

Barnstorming short dated dollar deals from Denmark and Province of Ontario this week revealed a swell of cash in the US currency ready to be put to work on deals for borrowers untainted by European sovereign debt crisis.

AfDB, BNG tap bite-sized Kangaroo market

Fri, 18 May 2012 00:00:00 GMT

The African Development Bank (AfDB) and Bank Nederlandse Gemeenten (BNG) sustained the flow of smaller agency names tapping the Kangaroo sector this week.

B&B Aire Valley master trust reaches non-asset trigger in expected breach

Fri, 18 May 2012 00:00:00 GMT

Bradford & Bingley?s Aire Valley master trust has breached its non-asset trigger, shifting all bond payments to sequential pass-through, whereby tranches will be paid in order of seniority rather than according to expected maturity. Traders reported no movement in the bonds? price this week, however, as the trigger had been so widely anticipated.

Bookrunners of all global syndicated loans ? 2012 (May 17, 2012)

Fri, 18 May 2012 00:00:00 GMT

Hearn calls time on Mizuho stint

Fri, 18 May 2012 00:00:00 GMT

Paul Hearn, CEO of Mizuho International, is resigning from the firm after two and a half years in which he has presided over the transformation of the business from what was essentially a prop shop into what he now sees as a full service operation.

Japanese banks leap on overseas loan opportunities

Fri, 18 May 2012 00:00:00 GMT

Japanese lenders have seized on the opportunities created by deleveraging European rivals to grow their overseas loan books by more than 20% in the last 12 months.

Scor strengthens last line of defence with ?75m top-up to UBS Coco line

Fri, 18 May 2012 00:00:00 GMT

Scor, the French reinsurer, put in place a ?75m increase to a contingent capital product on Wednesday, nearly a year after the equity line triggered its first capital raise through an accelerated bookbuild. It has since tweaked the structure to make it less likely to trigger again.

SSAs pile into CP to exploit hot basis swap action

Fri, 18 May 2012 00:00:00 GMT

Ireland sold its largest deal for two months this week, joining a plethora of SSA issuers that stormed into the commercial paper market to exploit cross-currency basis swaps that were at their most favourable for euro funders in two months.

Bookrunners of all syndicated loans marketed in EMEA ? 2012 (May 17, 2012)

Fri, 18 May 2012 00:00:00 GMT

CMHC beats choppy market with floating CMBlow-outs

Fri, 18 May 2012 00:00:00 GMT

Canada Mortgage and Housing Corporation (CMHC) sold a pair of Canada Mortgage Bonds ? one of which was heavily oversubscribed ? totalling C$4.5bn ($4.46bn) on Wednesday. The deals attracted a strong domestic bid in a week when global markets were badly hit by uncertainty over the outcome of Greek elections.

Fitch piles more pressure on covered bonds

Fri, 18 May 2012 00:00:00 GMT

Covered bonds came under more ratings pressure on Wednesday after Fitch said it could downgrade a quarter of the deals it rates by up to two notches under tougher new rules.

Redrow completes ?60m offer

Fri, 18 May 2012 00:00:00 GMT

Redrow, the UK house builder, completed an ?80m placing and open offer on Tuesday with the company?s executive chairman taking up most of the premium-priced deal.

Sabadell buys back ?925m of ABS as investor participation increases

Fri, 18 May 2012 00:00:00 GMT

Banco Sabadell?s ABS buyback has given the bank a handy boost of core tier one capital ahead of the European Banking Authority?s 9% core tier one capital deadline at the end of June.

Telco MTN Ghana secures largest ever cedi loan

Fri, 18 May 2012 00:00:00 GMT

Telecoms firm MTN Ghana signed its debut $300m equivalent five year facility on Wednesday. The deal is the largest Ghana cedi loan ever, according to the lead banks.

?Aggressive? contest for Open Grid Europe loan

Fri, 18 May 2012 00:00:00 GMT

Nine banks are set to lead the financing of Europe?s highest profile infrastructure acquisition this year ? the ?3.2bn sale of E.On?s Open Grid Europe gas network, which bankers said had attracted "very aggressive" bidding. Bond issues are likely to follow what will initially be a ?2bn loan.

ECM News in Brief, May 18, 2012

Fri, 18 May 2012 00:00:00 GMT

Europe CRD agreement brings Basel III closer

Fri, 18 May 2012 00:00:00 GMT

Europe took big strides towards implementing Basel III rules this week, with a grouping of European finance ministers (Ecofin) agreeing to drafts of the new capital requirements directive and regulation.

Money market funds may drop Moody?s amid ?frustration?

Fri, 18 May 2012 00:00:00 GMT

As Moody?s was preparing its downgrades of 16 Spanish banks on Thursday, some money market funds were privately voicing concerns about the swathe of ratings reviews and stating that they may look to drop the credit rating agency, according to bankers.

Spain: Loans bookrunner rankings ? last 12 months rolling

Fri, 18 May 2012 00:00:00 GMT

Strong bid likely as BNP Paribas consumer loan subsidiary brings French auto ABS

Fri, 18 May 2012 00:00:00 GMT

BNP Paribas Personal Finance has announced Autonoria 2012-1, a securitisation of French auto loans.

?Swedish Spie? Bravida installs Citi, Morgan Stanley, Deutsche Bank and Nordea for LBO

Fri, 18 May 2012 00:00:00 GMT

Citi, Deutsche Bank, Morgan Stanley and Nordea will arrange the all-senior debt package backing Bain Capital?s acquisition of Swedish technical installation provider Bravida from Triton.

Bankia hits back as pressure mounts on Spain?s banks

Fri, 18 May 2012 00:00:00 GMT

Market pressure was heaped on Spanish savings group Bankia this week, with the lender forced to reassure depositors on Thursday that their cash was safe as the bank?s share price tumbled.

Downgrades to hit UK RMBS counterparties

Fri, 18 May 2012 00:00:00 GMT

The imminent downgrade by Moody?s of European banks? long-term and short-term ratings will see more than half of all UK RMBS counterparties breach their first rating trigger. Royal Bank of Scotland and Lloyds TSB face the highest exposures, but all affected banks will need to post collateral, find a third party guarantee or appoint a replacement.

NIBC Bank makes return to private placements

Fri, 18 May 2012 00:00:00 GMT

NIBC Bank sold its first non-self-led private MTN since 2008 as other financial issuers opted for unfamiliar currencies in a quiet week for European bank issuance.

UK, German light-touch exchanges take beating

Fri, 18 May 2012 00:00:00 GMT

Europe?s light-touch regulation stock exchange movement received another blow this week with the UK?s Plus Markets potentially starting a wind-down process. The news followed the closure, announced earlier this year, of a similar exchange in Germany, Deutsche Boerse?s First Quotation Board.

UK: Loans bookrunner rankings ? last 12 months rolling

Fri, 18 May 2012 00:00:00 GMT

Volatility dampens covered hopes despite yield hunger

Fri, 18 May 2012 00:00:00 GMT

Real money accounts are desperate for financial institution paper ? but only from the right names. As volatility continues to rock the markets, European covered bond and senior unsecured bankers tried to deduce issuance prospects in the light of OP Mortgage Bank?s successful trade on Wednesday (see separate story). While some are hopeful, others remain extremely doubtful.

Fresenius moves early with placement to de-risk M&A

Fri, 18 May 2012 00:00:00 GMT

Fresenius, the German healthcare company, launched a ?1.014bn top-up placement last Thursday evening, moving quickly to issue straight equity rather than an equity-linked product to help pay for a recent acquisition.

HSBC?s Flint warns on one-size-fits-all bail-ins

Fri, 18 May 2012 00:00:00 GMT

Douglas Flint, chairman of HSBC, this week underlined his bank?s support of the regulatory concept of forcing losses on bondholders through bail-in. Speaking at a HSBC financial institutions conference, Flint also warned that much more work needed to be done to iron out potential problems with the framework.

Materis nets ?1.9bn extension after A&E odyssey

Fri, 18 May 2012 00:00:00 GMT

It has taken eight long months, but French building materials company Materis has now completed its amend and extend process after the Wendel-owned business secured the consent of lenders to push out the maturities of ?1.9bn ? 91% ? of its ?2.2bn loans.

Middle East and Africa: Loans bookrunner rankings ? last 12 months rolling

Fri, 18 May 2012 00:00:00 GMT

Tesco Bank hits record with ?200m retail deal

Fri, 18 May 2012 00:00:00 GMT

Tesco Personal Finance this week sold a ?200m 5% 8-1/2 year retail deal, breaking the record for the largest fixed rate deal to list on the London Stock Exchange?s retail trading platform.

Cyprus Popular looks at capital with LM, rights issue plans

Fri, 18 May 2012 00:00:00 GMT

Cyprus Popular Bank ? formerly known as Marfin ? made strides this week towards filling a big capital hole ahead of the European Banking Authority?s deadline for a 9% core tier one ratio by the end of June, with a liability management exercise and plans for a rights issue.

EMEA Auto Industry: Loans bookrunner rankings ? last 12 months rolling

Fri, 18 May 2012 00:00:00 GMT

MiFIR ?counter-productive? but compromise seen as likely

Fri, 18 May 2012 00:00:00 GMT

The European Commission?s bid to improve pre-trade and post-trade price transparency through regulation is counter-productive, the European Covered Bond Council (ECBC) said in a response to EC proposals for regulation on markets in financial instruments (MiFIR).

MTN Leak: James Tayler milk taster

Fri, 18 May 2012 00:00:00 GMT

Leak regular James Tayler of RBS is a rising star in MTNs but he?s making a name in showbiz too, after rubbing shoulders with the glitterati.

Poll: Optimism for summer pipeline falters

Fri, 18 May 2012 00:00:00 GMT

Less than a fifth of participants in the syndicated loan market are optimistic about the prospects for deal flow improving over the summer months, according to a poll carried out by EuroWeek. Only 17% of those surveyed at www.euroweek.com/loans felt that the rate of acquisitions was picking up to create a solid pipeline of transactions to keep market participants busy over the next few months.

Ark?a hits 54% participation rate

Fri, 18 May 2012 00:00:00 GMT

France?s Cr?dit Mutuel Ark?a released take up results on its cash tender on a ?250m CMS-linked tier one security this week. Investors tendered ?135.4m ? 54.2% of the deal outstanding ? for cash at 60% of par.

Bookrunners of all global ECM issuance ? 2012 (May 17, 2012)

Fri, 18 May 2012 00:00:00 GMT

Syndicated loans, Western Europe - news in brief, May 18 2012

Fri, 18 May 2012 00:00:00 GMT

Bookrunners of all EMEA ECM issuance ? 2012 (May 17, 2012)

Fri, 18 May 2012 00:00:00 GMT

Delta Lloyd eyes sub deal

Fri, 18 May 2012 00:00:00 GMT

Delta Lloyd Life is meeting investors in the coming days with an eye to a debut subordinated transaction.

Levfin cutbacks not stopping CEE recaps

Fri, 18 May 2012 00:00:00 GMT

Private equity firms are still able to pull off terms in central and eastern Europe that would be considered very aggressive in western Europe, said bankers, despite some international lenders withdrawing from the market in the past 12 months.

Bookrunners of EMEA overnight ECM transactions ? 2012 (May 17, 2012)

Fri, 18 May 2012 00:00:00 GMT

Grohe ups loan, but cov-lite won?t last, says Fitch

Fri, 18 May 2012 00:00:00 GMT

German bathroom and kitchen fittings company Grohe increased the size of its dual-currency covenant-lite term loan by ?75m to ?375m on the back of strong demand from investors this week. However, rating agency Fitch has predicted the mini-comeback of the borrower-friendly terms will not become a long-term phenomenon.

Bookrunners of all EMEA equity-linked ? 2012 (May 17, 2012)

Fri, 18 May 2012 00:00:00 GMT

Emerging Market Syndicated Loans - news in brief, May 18 2012

Fri, 18 May 2012 00:00:00 GMT

S&P fears 100+ firms could default, at Q1 rate

Fri, 18 May 2012 00:00:00 GMT

If corporate defaults continue at their recent rate for the rest of 2012, the tally will be double 2011?s total, according to Standard & Poor?s.

Bonds Tables 1255

Fri, 18 May 2012 00:00:00 GMT

EFSF to set its cap at short end for next syndication

Fri, 18 May 2012 00:00:00 GMT

The European Financial Stability Facility (EFSF) is being recommended by bankers to target three years for its next syndicated bond offering, which could be issued as early as next week, following the receipt of RFPs by selected bankers this week.

European corporate credit holds its nerve as Greek threat looms

Fri, 18 May 2012 00:00:00 GMT

The potential abyss facing European credit markets is deeper and darker than ever, but investors and bankers believe the continent?s corporate sector is still some way from its edge.

MTN League Tables and Commentary: Citi pushes ahead in self-led

Fri, 18 May 2012 00:00:00 GMT

VW collects ?250m as short sterling thrives

Fri, 18 May 2012 00:00:00 GMT

Volkswagen followed its rival Daimler on Tuesday by launching a short-dated sterling bond, capitalising on nervous investors? demand for diversification from the euro, for short assets, and for high quality borrowers. Barclays and Goldman Sachs announced the long three year deal in the morning as a ?200m-plus deal with a maturity of October 2015.

Unrated Sixt finds keen bid for ?250m at tight end

Fri, 18 May 2012 00:00:00 GMT

Sixt, the German car rental company, issued a ?250m bond successfully on May 11, showing that investors will still buy unrated, sub-benchmark sized bonds, despite the dark clouds hanging over Europe?s economy and financial markets.

Bureau Veritas?s unrated hit cheers market

Fri, 18 May 2012 00:00:00 GMT

Bureau Veritas, the French certification and testing group, sold its debut bond successfully on Tuesday, against the background of financial markets wracked by fears of Greece leaving the Eurozone.

Outokumpu roadshows as Nordics stay insulated

Fri, 18 May 2012 00:00:00 GMT

Outokumpu, the Finnish producer of stainless steel, announced on Monday that it had hired Danske Bank, Pohjola Bank and SEB to arrange meetings with Finnish bond investors on Wednesday and a global conference call.

SK Telecom debuts in Sfr as FGA pulls plug

Fri, 18 May 2012 00:00:00 GMT

Swiss bond investors? preference for emerging market borrowers over weaker European ones was underlined again this week when SK Telecom, the South Korean telecoms group, made a successful debut in the market with a Sfr300m ($318m) five year deal. In the same week, Fiat-backed car finance company FGA Capital failed to bring a planned issue.

German autos, triple-As haunt niche currencies

Fri, 18 May 2012 00:00:00 GMT

Safety-seeking European and Asian investors? demand for top quality bonds in currencies other than euros ignited a streak of transactions from high grade corporate and public sector issuers this week in Canadian dollars, Norwegian kroner and Swedish kronor.

Cantons, Pfandbriefbank jostle in domestic feast

Fri, 18 May 2012 00:00:00 GMT

Swiss public sector and covered bond issuers crowded the Swiss franc bond market before it shut for Ascension Day on Thursday.

Schmolz secures seven year in nick of time

Fri, 18 May 2012 00:00:00 GMT

German specialty steel maker Schmolz + Bickenbach got ?258m of high yield bonds away just before Monday?s market collapse. "Thank God I got my deal done on Friday. We are watching the world implode today," said a banker close to the transaction at the start of the week.

US HY door closing on Europeans as Smiths pulls sale

Fri, 18 May 2012 00:00:00 GMT

While US high yield investors have slurped down a further $4bn-plus of new debt this week following last week?s whopping $7bn, European borrowers are set to miss out as the euro crisis turns the relentless demand increasingly domestic.

Austrian retail bonds jumping as wider Europe hesitates

Fri, 18 May 2012 00:00:00 GMT

While most of Europe?s corporate bond new issue market is in a state of nervous stasis, the Austrian retail bond market is enjoying a particularly busy patch.

Sell-off snares CEEMEA as Greece goes to the brink

Fri, 18 May 2012 00:00:00 GMT

The European bond sell-off finally caught up with CEEMEA debt this week as retail buyers, who had been supporting the sector, capitulated after Greece moved closer to leaving the euro. Credits most directly linked to Europe, such as the Baltic states, struggled the most but Middle Eastern names were spared.

Sistema strikes new pose with $500m bond but falls in secondary

Fri, 18 May 2012 00:00:00 GMT

Russian holding company Sistema?s bond traded down over three points by Thursday, despite having been priced fairly, according to analysts, after market conditions deteriorated sharply.

EM issuers keep fingers crossed for stability

Fri, 18 May 2012 00:00:00 GMT

Tinkoff Credit Systems, a Russian consumer lender, will not price its bond until next week at the earliest, a syndicate official close to the deal said on Thursday.

Goldman Sachs ?reworking sukuk plans?

Fri, 18 May 2012 00:00:00 GMT

Goldman Sachs still intends to proceed with a first tranche of its controversial $2bn sukuk programme, Islamic bankers believe.

Bank of Georgia braves volatility to roadshow bond

Fri, 18 May 2012 00:00:00 GMT

Bank of Georgia has mandated Bank of America Merrill Lynch, Credit Suisse and JP Morgan to arrange a series of fixed income investor meetings.

European Investment Bank

Fri, 18 May 2012 00:00:00 GMT

SK Telecom

Fri, 18 May 2012 00:00:00 GMT

Markit Data 1255

Fri, 18 May 2012 00:00:00 GMT

Barclays launches and prices Gracechurch Cards 2012-3

Fri, 18 May 2012 00:00:00 GMT

Barclays on Thursday met enquiries from US based investors for long dated credit card paper, launching and pricing its third deal of the year from Gracechurch Card Funding.

Bookrunners of European corporate IG bonds, May 18, 2012

Fri, 18 May 2012 00:00:00 GMT

Bookrunners of European HY bonds, May 18, 2012

Fri, 18 May 2012 00:00:00 GMT

EuroWeek Bond Awards - the Full Results

Fri, 18 May 2012 00:00:00 GMT

Spanish FIG bonds hit after Moody?s downgrades

Fri, 18 May 2012 00:00:00 GMT

Spanish bank debt underperformed on Friday after Moody?s cut the long term ratings of 16 of the country?s lenders, as well as Santander UK.

The EuroWeek 25 Most Influential Bond Market Participants

Fri, 18 May 2012 00:00:00 GMT

To mark EuroWeek?s 25th anniversary at this year?s Bond Dinner, special awards were given out to the 25 most influential people working in the capital markets today.

YTD CEE DCM bookrunner league table

Fri, 18 May 2012 00:00:00 GMT

YTD Latin America DCM bookrunner league table

Fri, 18 May 2012 00:00:00 GMT

YTD Middle East and Africa bookrunner league table

Fri, 18 May 2012 00:00:00 GMT

YTD overall emerging market DCM bookrunner league table

Fri, 18 May 2012 00:00:00 GMT