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The article examines the implications of a strong demand for government paper. Analysts have warned that debt sales may push yields sharply higher even if inflation remains subdued. The potential consequences of the increased demand for government paper include higher risk premiums resulting in higher real yields and bond yields could rise on the back of significantly increased government debt supply and rollover risk.

The article provides information on the 1 billion euro credit issue of Deutsche Bank that was launched on June 17, 2010, which has a maturity date scheduled on June 24, 2020. Deutsche Bank says that the deal was priced with a 5 percent coupon, which some investors consider as an important yield target. It adds that the success of this deal indicates that strong credits and national champions have access to the market. The reason why Deutsche Bank did not call its lower tier two in December 2008 is also discussed.

The article discusses the condition of the sovereign bond market in Europe in 2009 and the challenges it is facing in 2010. Citi public sector debt capital markets group head Philip Brown stated that some investors gained returns in 2009 due to the intense volatility of spreads. It is said that sovereign borrowers have recognized the effectiveness of syndication in dealing with liquidity. Also discussed are the opportunity for sovereign issuers in the dollar market and the less interest in the inflation-linked sector among European sovereign borrowers.

Assesses the performance of the European high yield market in 2004. Comparison of high yield volumes in 2003 and 2004; Worth of the high yield bond issued by German company Tui; Impact of the monetary policy guidance issued by U.S. Federal Reserve chairman Alan Greenspan on the performance of the high yield market in May 2004; Participants in the high yield market. INSET: Gearing up for battle.

The article reports that Greece benefited from the decision of the International Monetary Fund (IMF) to increase its support for the country. The debt auction conducted by the country sold 26-week bill with a yield of 4.54% amounting to 900 million euros. The support of IMF has also been seen by bankers to delay debt restructuring.

The article reports on the complaint of market participants, including the Republic of Finland and KfW, over low yields and tight spreads that affect investor behavior and their offerings. As an example, Finland's five-year government bonds (RFGB) only garnered orders for 4.8 billion euros, which is lower than the issuer's target. On the other hand, KfW's seven-year deal only had an oversubscription of 5.3 billion euros for a 5 billion deal.

The article reports on the 400 million U.S. dollars raised by Country Garden Holdings in the international bond market in August 2010. It says that the company closed the second bond from a high quality Chinese property firm, which fueled fears of oversupply from the sector. The five-year bond was priced by JPMorgan and Goldman Sachs at 99.05, which has a 10.5 percent coupon designed to yield 10.75 percent. The criticisms against the pricing of the deal are also presented.

The article analyzes the issue that Lloyds Banking Group may remove interest payments on the 15.5 billion (bn) euros of tier one debt. It furthers that the bank plans to offer the bondholders contingent capital as part of its measures to raise 25bn of the core capital from the asset protection scheme of Great Britain's government. Bank of America Merrill Lynch analysts commented that the move of Lloyds Banking Group can potentially deliver excellent returns to bondholders in the future.

The article focuses on the tier one bond market. While the lowest coupons issued on hybrids from 2008 until recently had been above the 9% level, Nordea Bank and National Australia Bank (NAB) were able to sell at 8.375% and 8% respectively. According to Adam Bothamley, head of FIG Syndicate at HSBC, there are a very few, if no other, credit market sectors that offer these types of ratings at these yields.

This article focuses on the 200 million euro bond issued by Central European Media Enterprises Ltd. on September 10, 2009. It has a B2/B rating and will mature by September 15, 2009. According to the bookrunners, the book was sold to European high yield funds and experienced strong emerging markets demand. The bookrunners also points out the deal's great timing in the euro market and its very nice yield.

The article focuses on the 1.5 billion euro bond issued by Intesa Sanpaolo on September 9, 2009. It has an Aa3/A+/A+ rating and will mature by September 23, 2019. According to the borrower, this deal is part of their usual policy of optimisation of total regulatory capital and takes advantage of positive market conditions. 5.111% is the yield calculated at the maturity date of the bond, borrower claims. The bookrunners cite their reason for announcing the deal with no guidance.

This article focuses on the backstop refinancing deal launched by German utility RWE during the week of September 4, 2009. RWE's two billion euro refinancing was one of the lowest-yielding deals in Europe yet this year and signifies the start of a wave of refinancing launches this month. Particular focus is given to the criticisms faced by the RWE facility. A commercial paper backstop facility will be replaced by RWE's refinancing.

This article focuses on the 1.2 billion euro three-year issuance by Fiat FInance & Trade in the corporate bond market. According to some market participants, the re-offer yield of 9.25% was too high for the issuer. The transaction, issued via Fiat's Baa1/BB+/BB+ central treasury vehicle, received several investor interest from both high-yield and investment grade accounts. For the second quarter of 2009, Fiat posted a net loss of 168 million euros and a trading profit of 310 million euros.

The article reports on the performance of the corporate bonds market in Europe. It states that the deal from Swedish energy Vattenfall was oversubscribed by more than nine times, while the book on French pharmaceutical firm Sanofi Aventis' dual tranche transaction grew to over €22 billion. According to the article, although there are contraction of prices of new issues, the yields still offer good returns for investors as compared to other asset classes.

The article reports on the impact of the $300 billion quantitative easing package announced by the U.S. Federal Reserve on corporate bond yields. The announcement has resulted to the 10-year Treasury's rebound of about 40 basis points while high grade bond new issue spreads by about 15 to 20 base points. Also 10-year yield declined by 50 base points to 2.53%.

The article offers information on the bond issued by Swedbank. It is stated that the bond was prompted by a reverse enquiry from a few asset managers and banks. The consensus on the pricing was between 20 basis points (bp) and 25bp and there were some orders that had a lower limit on a yield basis. According to the article, it is an interesting deal because it is the shortest of the guaranteed financials so far.

The article offers information on the bond issued by Kommuninvest I Sverige AB. It is noted that the bond was the result of a reverse enquiry. After a one year deal for the issuer, it was tapped at 30 basis points (bp) under mid-swaps. According to the article, investors were willing to accept at a very low yield because it was a money market substitute.

The article offers information on the bond issued by Instituto de Crédito Oficial (ICO) on September 2, 2008. It is worth &Euro;1 billion (bn) and has a triple-A rating. BNP Paribas, Goldman Sachs, Royal Bank of Scotland acted as joint bookrunners in this deal. The market was stable in terms of swap spreads and yields, the bookrunners said. In terms of distribution, Europe took 58%, Middle East 17%, Asia 20% and the Americas 5%. Central banks took almost half with banks and asset managers accounting for 43% and 12% respectively.

The article presents an overview of the capital markets in Latin America. It says that the assets are increasingly viewed as safe havens from the turbulence in Western credit cycles despite tightened global liquidity and risk aversion. It states that the region's currencies are strengthening, bond yields are tight and local markets are thriving.

The article reports that Japan's three megabanks have provided JFE Holdings, the world's third largest steelmaker, with ¥300 billion in exchange for high-premium convertible bonds that mutate after five years into 55 year subordinated debt. JFE said it would use up to ¥120 billion of the funds to buy back 6% of its stock between March 18 and September 30, 2008 underlining the increasing urgency Japanese companies feel to manage their return on equity and revive depressed share prices.

The article focuses on the increasing 10-year bond issuance by top rated issuers in January 2007. Treasuries softened and the 10 year yield flirted with 4.8%, enticing even more buyers into the market. The ZEW survey showing a marked improvement in business confidence in Germany helped to keep European government bond yields firm and Belgium scored a massive success.

The article provides information on an international bond issued by Rabobank Nederland in South African rand. It says that the outstanding deals at the maturity look expensive due to an increase in yields by around 8 basis point and a decrease in the foreign exchange rate from 7.50 to 7.60 rand per dollar.

The article focuses on a R200 million deal issued by Kreditanstalt für Wiederaufbau on September 13, 2006. The Federal Republic of Germany is the guarantor of the South African rand-denominated deal. Based on a market commentary, the remarks from the Reserve Bank governor resulted in the increase in bond yields.

The article focuses on a ¥50 billion global deal issued by the European Investment Bank on September 12, 2006. The deal was targeted at an audience of international offshore U.S. and European investors who want to take a position on the Japanese currency and economy without high interest risk. As a result of the improvement in the Japanese economy, yen yields have increased sharply.

The article focuses on the implications of the increased number of covered bond deals issued in 2005 for the financial services industry. The average deal size for covered bonds has increased to $200 million in 2005. The dollar market could become a regular source of attractive funding for covered bond issuers. Yield and spread levels are some of the factors considered by investors in purchasing Asian bond deals.

Reports that the Eurobond market has become increasingly inclusive in the last few years, as investors desperate for yield have looked further afield, both in terms of ratings and geography. List of big three banks in Kazakhstan getting access to the international debt markets; Reason Kazakhstan debut borrowers have been able to enter the Eurobond market; Suggestion of the difference in pricing between CenterCredit and other debut issuers' deals.

Reports on the U.S. dollar bond market in 2005. Increase in the yields of the U.S. Treasury; Participation of Telecom Italia in the bond market; Issuance of a bond offering by Washington Mutual.

Reports on the international bond issue of Bac Capital Trust VII in the euro-bond market in 2005. Bond price; Maturity date; Rate of return.

Reports that Deutsche Bank will likely sell its stake in DaimlerChrysler to meet its return on equity (RoE) target in 2005. Decision of Deutsche to sell its shareholdings in Italian bank Sanpaolo IMI; Factors that may affect the target RoE of Deutsche; Information on the equity market strategy of German development bank KfW for 2005.

Discusses the status of the high yield bond market in Europe in 2004. Increase in the rate of yield issue in April; Views of James Amine, head of leveraged finance at Credit Suisse First Boston in London, England, on the market; Information on several issuers in the market, including Irish educational software company Riverdeep; Market consensus on the rate of return in the European market.

Reports on the market performance of the bond market in several countries, as of May 14, 2004. Increase in the U.S. treasury yields; Failure to sell the Eurobond from Austria; Decline of treasury prices.

The article reports on bank Allianz's launch of a subordinated Swiss franc bond deal as of January 24, 2014. Topics discussed include Swiss investors' strong demand for the bond, pricing and yield of the perpetual notes by bookrunners Deutsche Bank, UBS and Zürcher Kantonalbank and the orders received by the deal.

The article reports on the rumor that Canada will issue its first privately-placed medium term notes (MTN) in a decade as the country looks for alternative international funding tools. Comments from a head of MTNs in London, England on the MTN are presented. Dealers view the MTN offer as an attractive deal for investors because it could boost yields through local currency or structured deals.

The article reports on the pricing of a syndication of 32 year-bonds by Belgium. But market participants were cynical about the price movement ahead of the mandate announcement for the €four billion June 2045 deal. Observations of other dealers on the timing of the deal. But Belgium considered the significance of the rise in yields before launching the deal.

The article reports on the return of the bank Sparebanken Vest Boligkreditt (SVB) to the covered bond market in 2013. Initial price thoughts of mid-swaps plus 15 basis points area were set by lead managers Danske Bank, HSBC, Landesbank Baden-Württemberg and Natixis for the 500 million Euro five year deal. Syndicate bankers note that it was the right call not to squeeze the spread further.

The article reports on the return of Banco Popular Español to the covered bond market in 2013. The bank has launched its four year Cédulas and reduced reliance on retained issuance. Mandated lead arrangers include BBVA, Bank of America Merrill Lynch, Credit Suisse, Natixis and itself. According to bankers, the transaction is quite tight. About 100 investors were attracted to the deal, indicating that 240 basis points is good enough.

The article reports on the decision of French multinational banking and financial services firm Société Générale to launch a temporary writedown loss-absorption mechanism. The company noted that the temporary writedown is based on the guidelines of the Capital Requirements Regulation for AT1. It stressed that the temporary writedown has several advantages over permanent writedown, allowing the printing of the deal at a comparatively lower yield.

The article reports that rating agency Fitch Ratings has announced the impact of exchange-traded high yield funds on the high yield bond market in the U.S. while small inventories of corporate bonds are being held by dealer banks.

The article reports that the backdrop in the euro senior unsecured market is projected to be strong in late August 2013 as spreads continue their slow grind and investors hustle for paper after the summer break. According to the author, core European names could be kept away from longer maturities by investor concern over long term rates although periphery banks are preparing to return to action.

The article reports that the International Finance Corporation (IFC) has sold 10-year debt on August 7, 2013 while Nederlandse Waterschapsbank (NWB) dipped in the market on August 6, 2013 with a 10-year tap. According to the author, both issuers were looking to exploit renewed demand for longer and dated paper in the currency, with Asian investors looking to reach further along the yield curve in search of greater returns.

The article presents information on the U.S. bond market in the second half of 2013. The period has begun with a low number of high grade bond issuance. However, market conditions has stabilized in the second week of July 2013, with the 10-year Treasury yield declining to 2.5 percent on U.S. GDP data. Bankers blame the low issuance on the record-breaking supply during the first half of 2013.

The article reports on a five-year bond issued by Nord Anglia Education Holdings at a lower yield on June 27, 2013. The deal was priced after events from China and the U.S. has put stability back into the global financial markets. An additional 165 million dollars of senior unsecured notes was sold by Nord, yielding 8.5 percent. The bonds were trading at 107.5 before the issue was announced.

The article focuses on the revival of structured medium tern note (MTN) due to expected rising yields. The comments made by U.S. Federal Reserve chairman Ben Bernanke on the possible reduction in the amount of quantitative easing started the expectations of rising yields. An Euro MTN dealer in London, England said fixed-to-floaters could definitely make a comeback and it might shows signs of return in the market in the coming weeks.

The article reports that the Korea National Oil Corp. (KNOC) sold a guaranteed dollar bond through Harvest Operations Corp., its Canadian subsidiary. Bankers claim that the positive market response and solid secondary performance of the deal will encourage other Korean borrowers. The 630 million U.S. dollars 2018 ticket with 145 basis points (bp) over Treasuries yielded 2.202 percent. Order book rose to over 3 billion U.S. dollars due to Asian and European interest.

The article highlights the high activity seen in the European high yield bond market in 2013, which is shown by the 17 deals being launched at the same time in the first week of May 2013. A total of 39 billion euros worth of high yield bonds have been sold by European issuers as of May 2013 and according to one high yield syndicate banker, all deals seems to be performing well. The author predicts that the market will go stale around May 15, 2013 before it bounces back at the end of May 2013.

The article reports on the increase in yield supply from the Central Eastern Europe, Middle East and Africa (CEEMEA) region resulting from the declining yields across the developed countries. The dollar sovereign benchmarks are led by Turkish financials Vakifbank and AkLease as well as Russian corporates Metalloinvest and Eurasia Drilling Co. The increase in the number of issuance is attributed to several factors including the weak non-farm payrolls and quantitative easing in Japan.

The article offers information on a five-year bond launched on April 9, 2013 by the European Financial Stability Facility (EFSF), a special purpose vehicle financed by members of the eurozone. Joint bookrunners for the deal were HSBC, Goldman Sachs, and BNP Paribas. The deal is described as the EFSF's largest syndicated bond ever. Factors that drove demand for the deal are also mentioned, including positive market sentiments and a rise in market yields.

The article reports that Commerzbank has structured and placed a dual recourse hybrid 500 million Euros five year structure backed by small to medium-sized enterprises (SME) loans. The SME loans use features from the asset-backed securities (ABS) and covered bonds. Arguments against the Commerzbank's labeling of the deal as covered bond are provided. The pass-through structure of the deal means that investors could wait years for a return on their investment.

The article reports on the initial public offering (IPO) launched by Singaporean real estate investment firm Mapletree Greater China Commercial Trust. It describes subscription earned by the deal worth 1.3 billion U.S. dollars, noting mixed response of bankers and investors to the transaction. Mapletree is reportedly expecting a yield growth of 8.6 percent after a year since its issuance. The co-managers of the deal include United Overseas Bank and Oversea-Chinese Banking Corporation.

The article presents a forecast from bankers that there will be a surge in activity in the Central and Eastern Europe, Middle East and Africa (CEEMEA) region from late January 2013. It notes that the secondary trading of some issuers are facing pressure due to the expected rush of deals. It points out that there is high optimism for corporate supply this year. Bankers add that the quest for yield has also become stronger in 2013.