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The article reports on the Asset Purchase Facility planned by the Bank of England which aims to support the sterling asset backed commercial paper (ABCP) market. The facility will initially pay 100 basis points (bp) over the overnight index swap (OIS) rate. According to the bank, it will buy securities backed by assets from companies that contribute to the economy of Great Britain.

The article reports on the second consultation paper released by the British Financial Services Authority (FSA) on the implementation of the Markets in Financial Instruments Directive for FSA regulated firms and markets. The paper explains the proposed amendments to the rules of FSA and passporting rights of investment firms.

The article reports on the decline in the sales of commercial paper (CP) to the Bank of England's Asset Purchase Facility. According to a dealer, the slowdown in issuance is due to the corporate year end. The amount of three month corporate CP sold to the fund hit just £76 million. Market participants estimated the final value of the facility's CP aspect would reach between £3 billion and £6 billion.

This article observes that corporate borrowers have been slow to take advantage of the Bank of England Asset Purchase Facility to issue commercial paper in February 2009. According to the article, National Grid is the only borrower that has issued paper that meets the criteria of the scheme. Others agree that issuers need time to prepare themselves for eligibility, though some have no intention of using the programme.

The article reports on the plan of the Bank of England (BoE) to use its Asset Purchase Facility (APF) to support the provision of working capital to companies operating in Great Britain. The Bank noted that the APF might buy asset backed commercial paper (ABCP) in the primary market through dealers. According to Paul Tucker, deputy governor of the bank, the existence of such facility could improve investor confidence and encourage funds to buy the products.

The article reports that the Asset Purchase Facility of the Bank of England is attracting corporations to issue commercial papers. It is noted that the £50 million issue of 3i Group looks to satisfy the criteria of the facility, being sterling dominated and a three month maturity. It is also asserted that corporations that want to sue the facility should contribute to the economy of Great Britain.

This article reports that the European Commercial Paper (ECP) market is facing the implementation of the Bank of England's plan to purchase corporate commercial paper. The Bank of England announced that it would purchase sterling-denominated three month commercial paper from corporate borrowers that make a big contribution to the British economy as the first step in its £50 billion Asset Purchase Facility. Dealers, however, supported the plan, despite the slight dent it might make in their fees.

The article focuses on the second consultation paper on the implementation of the European Union Capital Requirements Directive released by Great Britain's Financial Services Authority (FSA). The directive gives the Basel II capital accords force of law in Europe. The consultation takes into account the finalisation of the Capital Requirements Directive in October 2005. The FSA plans to implement a more liberal approach to banks' claims of diversification benefits.

The article reports on the impact of the planned public offering of British department store chain Debenhams on its stock performance as of January 2006. Debenhams has asked Citigroup, Credit Suisse, Merrill Lynch and Morgan Stanley to put in proposals to handle the potential public offering. Sanitec and Amadeus have also experienced their paper traded up.

The article reports on the anticipated return of liquidity in July 2007 among asset backed commercial paper (CP) issuers. The rise in funding costs is attributed by dealers to half-year fund outflows, volatile U.S. short dated interest rates, rate increase expectations in Great Britain and asset backed securities (ABS) credit concerns. One dealer stated that top-rated A1/P1 issuers have been paying over one month Libor in June 2007.

Reports on the decision of CGE to withdraw its bid to buy British power plants, as of May 2004. Reason behind the decision of CGE; Background on the establishment of CGE; Financing options for power station projects; Impact of the withdrawal of CGE on the dealer market.

The article reports on the sale of the first commercial paper issue of British transport authority Transport for London (TfL) in November 2010. The sale amounted to 150 million British pounds print of three month paper. The author mentions that this move represents a change of funding strategy applied by the transport agency which plans to become a more regular issuer in the European capital markets.

This article reveals that the Asset Purchase Facility of Bank of England has bought no commercial paper (CP) in April 2009. In addition, the total CP held by the fund dropped to £2.14 billion (bn). The fund's decrease can be attributed to secondary market purchases maturing. During the week of April 23, 2009, the facility purchased £125 million (m) of CP. A London, England-based CP dealer remains optimistic of the fund in spite of the decline.

Reports on the effect of the month end and the British bank holiday on the activity in the Euro commercial paper (CP) market in September 2004. Dominance of top rated bank paper on new issuance with spreads; Rating given by Moody to the senior unsecured debt of Sainsbury; Efforts of CP bankers and issuers to look for signs of stability in the global economy and particularly in the U.S.

The article reports that dealers did not consider the review for downgrade of banks in Great Britain by Moody's for their total outstanding commercial paper (CP). Banks that have been subjected to the downgrade included Royal Bank of Scotland and Lloyds TSB. Outstanding CP volume of HSBC stands still at 808 million U.S. dollars.

The article reports that Bank of England will buy up to £50 billion of corporate bonds, commercial paper and other high quality private sector assets in Great Britain. The Treasury has given the Bank permission to pursue the intervention to increase the credit flow to companies. The move is designed to lower the amount that corprorates have to pay to access funding and to introduce more liquidity to the market.

The article reports on the failure of banks to issue commercial paper (CP) in their desired terms as one to three month maturities dominate the European CP market. According to one dealer, some A1/P1 banks are very well funded in the short term with most of them are looking for cash over six months. There remains considerable name differentiation in spreads among bank borrowers. For example, Irish banks are trading at around flat in the three month area, while big British banks range from around minus 10 base points to around minus 19 base points.

The article offers a look at commercial paper issues in the euro-bond market in Great Britain. According to the author, the Bank of England is widely expected to raise rates by 25 basis points (bp) on May 10, 2007, while the European Central Bank should keep rates on hold. It is said that the sterling market was still struggling.

Reports on the possibility that British privatized electricity and gas transmission company National Grid Transco plc (NGT) will sign a euro commercial paper (CP) facility and a U.S. CP shelf by October 2003. Recruitment of mandated arrangers for the deals; Expectations on the demand for CP; Estimated price of the issues.

The article reports that dealers in the Euro-commercial paper market posted an increase in activity across the board. Trades done had already exceeded those for the whole of last week, according to Dealogic, at $123.12 billion (bn) versus $100.1bn. The swaps have not been doing too much, it is been natural business, said one London-based dealer. The interesting thing is the swap, countered another.

The article reports that European commercial paper issuance has picked up considerably in euros and sterling after a slow first couple of trading days in November 2006. In a widely expected move, the Bank of England's monetary policy committee raised base rates by 25 basis point to 5%. In spite of this, several sterling funds invested large amounts for the week that ended November 10.

The article looks at the transactions in the euro commercial paper (EuroCP) market as of May 2006. Stanfield Victoria Finance has launched its first EuroCP. The forthcoming bank holidays in the U.S. and Great Britain have negatively impacted the flows in the EuroCP. The market has not benefited from inflow of cash from the volatile equity markets.

The article reports on the decision of the British financial institution Bank of England to cancel the commercial paper (CP) operation of its asset purchase facility in November 2010. The move of the institution indicates that the markets for CP have recovered to accommodate large British corporate borrowers. In line with its decision, the bank has left open its secured commercial paper facility to help provide credit to small and medium sized companies in Great Britain.

The article reports that British traders are busy with favorite credits as new loans broke on to the secondary market. The increase in the price of the loan for Numericable is explained and the struggle of the loan during primary syndication is mentioned. Information on the terms B and C of Iglo Birds Eye is also presented.

Reports on the launch of the asset-backed commercial paper (ABCP) conduits Anglesea Funding PLC and Anglesea Funding LLC by Northcross Capital Management in Great Britain in 2005. Purpose of the securities arbitrage programmes; Background on the financial advisors for Northcross; Measures for ensuring the high ratings of ABCP conduit.

Presents information on a mortgage-backed securities (MBS) to be launched by Northern Rock from its Granite program in Great Britain in 2005. Amount of the MBS; Value of the bid for the Granite paper; Firms planning to issue MBS in the market.

Interviews Andy Longden, group treasurer of British Telecom, on the launching of its euro and sterling-denominated bond issue and the challenges his company faced in funding its projects. His view on the success of the bond issuance; His statement on the performance of their investment banks; Extent to which investors vary from one country to the other country.

Reports on the establishment of Picaros Funding, a synthetic asset backed commercial paper (ABCP) program by KBC Financial Products in Great Britain. Status of the ABCP program; Market debut of an ABCP program by Sachsen LB Europe's conduit Ormonde Quay; Purpose of the conduit; Alternative to traditional liquidity being explored by conduit sponsors.

Reports on the return of Southern Pacific Mortgage Lenders and GMAC to the structured finance sector in Great Britain March 2003. Worth of bonds issued by the companies; Overview of non-conforming deals launched; Securitization launched by GMAC.

Reports on two debut hybrid capital transactions for British financial institutions CGNU and HBOS in November 2001. Lead managers of the multi-currency hybrid capital issue of CGNU; Advisers of HBOS for its bank capital deal; Market implications of the success of their transactions.

The author examines the status of the medium-term note (MTN) and commercial paper (CP) markets in Great Britain. He notes that either the MTN or CP dealer is failing to enjoy the market's performance. He cites the possible reasons for this failure, including the possibility that one of them has already produced some concrete results.

A chart is presented that ranks dealers of private medium-term notes (MTN) and commercial paper in Great Britain in 2008.

The article reports on the collateralized mortgage-backed securities (CMBS) deals launched by Barclays Capital, Credit Suisse First Boston and Morgan Stanley in the British commercial paper market in December 2005. Also the ABN Amro launched a securitization deal for the psychiatric care homes and specialist schools Priory Group. The structure, price and spread features of the Morgan Stanley's CMBS deal are explained in detail. A discussion on ABN Amro securitization deal is presented.

Presents updates on medium term notes (MTN) and commercial paper (CP) issues in Great Britain as of August 27, 2004. Total amount of global CP program signed by Skandinaviska Enskilda Banken through Deutsche Bank; Companies added to the EuroMTN program of BNP Paribas; Increase in the size of EuroMTN of Australia and New Zealand Banking Group.

Reports on the plan of the Co-operative Bank in Great Britain to issue the Euro-commercial paper (EuroCP) program in September 2004. Remarks from Richard Green, treasury controller at the borrower in London, England, on testing the market in sterling pound currency before issuing other currencies; Reasons behind the establishment of the EuroCP program; Annual income of the bank.

Reports on the plans of Great Britain's Co-operative Bank to establish a programme in the Euro-commercial paper market as of August 2004. Role of Barclays Capital in Co-operative Bank's plans; Refusal of Barclays to confirm that it has negotiations with Co-operative; Background on Co-operative Bank.

Presents an update on Euro medium term notes (MTN) and commercial paper issues in Great Britain as of July 16, 2004. Appointment of Barclays Capital by Norwegian utility Statoil to replace JP Morgan as arranger in its EuroMTN program; Expansion of the RCI Banque EuroMTN program; Addition of Barclays Capital to the dealer group of the Caixa Finance and Caixa Capital EuroMTN program.

Deals with the impact of the release of the Institute of Actuaries' minimum funding requirement review on the bond market in Great Britain. Market belief supported by the review; Benefit to pension funds if the proposals included in the review be accepted by the government; Reason behind the performance of lower rated corporate bonds.

The article reports on the bond issued by GKN, a maker of parts for vehicles and aircraft in Great Britain on September 12, 2012. It was the first bond launched by GKN for 10 years. Other corporate bond issuance in British pounds during the week include Amgen, DirectTV and Intermediate Capital Group. It describes the structure of the 10 year benchmark note from GKN.

Reports on the business securitization which will be marketed by Morgan Stanley for British hospital operator General Healthcare Group (GHG) in July 2001. Purpose of the securities deal; Number of bond tranches offered by GHG; Main revenue generating assets of GHG; Market share of GHG.

Focuses on the leveraged loan transactions in the do-it-yourself (DIY) business sector in the United Kingdom. Details on the debt financing of Duke Street Capital for the leveraged buyout of Great Mills; Possible debt financing to be launched by Schroder Ventures for the buyout of Homebase; How lenders view the DIY industry.

The article reports on the White Paper on regulatory reform released by the British government. One of the proposals was the formation of a Council for Financial Stability, comprising the Treasury, the Financial Services Authority (FSA) and the Bank of England. The paper also stated that capital and liquidity requirements may be influenced by resolution plans of banks.

The article discusses the recovery of the non-government guaranteed bank issuance in the private placement market. It states that the number of public unguaranteed issues surpassed guaranteed issues in April 2009. In the private market at Great Britain, the Government limited the amount of paper each bank can issue and many borrowers are now full on their guarantee allocations. The increase in covered bond issuance is noted as investors look for low-risk alternatives to government guaranteed bank paper.

The article reports on the publication of a consultation paper by the British Treasury on how to handle the insolvency of investment banks in May 2009. The consultation paper outlines problems uncovered following the bankruptcy of Lehman Brothers, but offers no concrete proposals. The paper focuses on several issues, including the treatment of unsettled trades an the return of client assets.

The article reports on the decision of the Bank of England to purchase high quality British assets in an effort to bring more liquidity to the credit markets. Bank governor Mervyn King stated in a letter that the facility will initially focus on the purchase of corporate bonds, commercial paper and financial institution paper issued under the Credit Guarantee Scheme. Under the facility set up by executives Paul Tucker and Spencer Dale, the bank will set up a new company to undertake the transactions.

Reports on the short supply of Seat paper in Great Britain's secondary market as of January 30, 2004. Reason for the increasing price of Seat paper; Speculations on the reason for the short supply of Seat paper.

This article reports that the conduits of the asset-backed commercial paper (ABCP) market in Great Britain had sold $43.5 billion of EuroCP to repay maturing paper. The refinancing suggested that investors are rediscovering their interest for conduits and structured investment vehicles. One European bank is cleansing its ABCP conduit of securities investments, believing it will be more palatable to investors as a trade receivables-only conduit.

The article reports on the return of the Royal Bank of Scotland Group to the U.S. dollar market with a 2 billion U.S. dollar self-led offering of senior notes from its holding company. The timing of the bond issue was aided by a combination of strong market conditions and a lack of supply of British bank paper in the dollar market, according to David Hague of RBS Group. The bank initially targeted a 1.5 billion U.S. dollars in the thee-year paper.

This article reports that sales of commercial paper to the Bank of England's Asset Purchase facility declined in the week ended March 27, 2009, with only one new issuer seemed to use the fund. Schlumberger sold a £15 million three month clip, which meets the bank's criteria by being sterling denominated and a three month maturity. Other issuers that have issued eligible paper in previous weeks include 3i Group, Prudential and Paccar. Up to and including March 19 the facility had bought a total of £1.891 billion in its first five weeks.

The article reveals that dealers were hopeful that British government guaranteed issuance could soon take off in the medium-term note (MTN) market after HBOS launched the first certificate of deposits (CDs) off such a programme. Dealers are also struggling to find investors who can and want to buy this government guaranteed paper. If the issuer sells triple-A rated paper, it can be treated as a rates product and a different set of investors will be involved than the credit investors that normally look at this name, according to the dealer.