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The article focuses on the euro-denominated emerging market (EM) international bond market as of January 24, 2014. Topics highlighted include the trend's implications for European banks that have been trying to expand their EM business operations, expectations on the increase in market share for banks such as BNP Paribas and Société Générale and factors driving the increase in issuance of euro-denominated bonds.

The article reports on the increase in U.S investors' demand for euro-denominated sovereign bonds issued by governments from the Central Eastern Europe Middle East & Africa (CEEMEA) region as of January 24, 2014. Topics discussed include bankers' call on borrowers to increase their marketing efforts aimed at U.S. investors and the increase in U.S. investment funds' purchases of CEEMEA sovereign paper compared with the previous years.

The article reports that bankers remain optimistic that the primary market for senior unsecured debt will remain stable, despite Banco de Sabadell's 600 million euro three-year and other new issues trading wider in November 2013. Topics discussed include Sabadell's deal which traded up to 5 basis points (bp) wider than re-offer, Allied Irish Bank's 500 million euro three-year issues, and the weakness in other periphery banks' senior spreads.

The article discusses an online poll conducted by "EuroWeek" magazine which shows leveraged loan bankers' divided opinion on how aggressive European investors should become. Topics addressed include comparisons with American investors, some European issuers' decision to raise money in the U.S. and launch U.S.-dollar denominated notes, and the greater bullishness of the U.S. leveraged loan market than the European one. Also mentioned is Europe's constrained mergers and acquisitions market.

The article announces executive moves at banks and other financial services institutions in Europe as of November 8, 2013 including Victor Tyutin as Nomos Bank's chief financial officer, Andre Torp as Nordea Bank's director of fixed income, and Henry Coyle as Crédit Agricole's global co-head of medium term notes and private placements.

The article reports on an increase in the exposure of U.S. money market funds (MMF) to European banks in the third quarter of 2013.

The article discusses how U.S. investors failed in the recovery of European securitization market in 2013, and how the amount of new issuance with dollar trances has collapsed because of less reliant European banks. Particular focus is given to the discussions of the delegates at the Asset Backed Securities (ABS) East 2013 conference held in Miami, Florida in October 2013. Comments from Standard & Poor's managing director James Wiemkin and Lloyds Bank's director Bob Paterson are included.

The article reports on Dutch car fleet management and financial services specialist LeasePlan Corp.'s return to the euro senior unsecured market in October 2013. Topics discussed include a repricing of the company's long five-year bond, fair value for the bond over mid-swaps, and the deal's lead managers. Also mentioned are LeasePlan's bond issue in October 2013, its focus on building a U.S. dollar curve, and offering a more attractive yield to traditional investors.

The article discusses the highlights of the Asset-Backed Securities (ABS) East 2013 conference held in Miami, Florida, wherein delegates heard about the drop in the amount of issuance with dollar tranches in the European asset-backed securities market. The less reliance of European banks on the capital markets in favor of central bank funding initiatives is cited as a factor to the decline. Speakers tackled issues in the panel "Weaning Off Federal Funds and the Subsequent Impact on Our Market."

The article reports on the suggestions dismissed by the European Banking Authority (EBA) that it was planning to penalize banks that were dependent on long-term refinancing operation (LTRO) funding from the ECB in the upcoming stress tests, and the reaction of financial institutions group (FIG) market participants to the rumors. The opinion of analysts on the impact of funding displacement on bank issuance and the effect of penalizing banks on profitability is highlighted.

The article focuses on the expected deals by high yield bankers in Europe in 2013 as investors demand more paper. Around 7.5 billion Euro of deals have been sold in the region. A banker says investors continue to make entry into high yield. High yield funds took in a net of 177 million Euros of inflows, include three million Euros from exchange traded funds (ETFs). A total of 250 million Euros were raised by container shipping firm Hapag-Lloyd in an unsecured five year deal.

The article reports that some banks have been ordered to hold off from buying any more new European collateralized loan obligations (CLOs) at the triple-A level until the European Commission's Capital Requirements Directive's 122a risk retention requirement has been clarified in 2013. A buyer said that bank investors were buying triple-A paper at about 120 basis points (bp)-125bp in the secondary market.

The article presents information on the launch of a corporate bond in Europe by German tyre maker Continental in September 2013. This bond was launched a week after it launched its €750 million deal that failed in the secondary market. Views of investors on the second deal from Continental are presented.

The article reports on the increase in the size of French ophthalmic lens maker Essilor's revolving credit facility from 750 million to 850 million euros as of August 23, 2013. The company's decision to raise its revolving credit was influenced by the positive responses it received from lenders. It noted that its revolving credit was considered the tightest pricing in the Europe, the Middle East and Africa loan market.

The article reports on benchmark deals being planned by European sovereign, supranational and agency (SSA) issuers. The European Financial Stability Facility (EFSF) is considering an issuance by the third quarter of 2013 to meet its funding target. The European Stabilisation Mechanism (ESM) is reportedly needing assistance to assure success of its inaugural deal. The European Investment Bank (EIB) previously raised 82 percent of its funding ceiling from its funding programme.

The article reports on the successful launch of euro benchmarks by Luxembourg and Dutch financial institution Nederlandse Waterschapsbank in July 2013. Both borrowers launched their euro benchmarks ahead of a U.S. holiday and European Central Bank (ECB) rate during the month. The adverse impact of the political turmoil in Portugal on the capital markets in Europe is considered. Terms of the deals are highlighted.

The article reports on the European sovereigns and agencies' heavy demand for dollar private placements in a variety of formats in July 2013. Financial services firm Municipality Finance has placed a 100 million dollar three-year callable fixed rate step-up note during the month. It also considers the resurgence in demand for triple-A issuers' callable zero coupon bonds in dollars, with Taiwanese life insurance firms as the main buyers of the structure.

The article focuses on the outlook of European high yield market participants for new issuance in the coming weeks beginning on July 2013. It is stated that the participants are divided over the outlook for new issuance. Other bankers expect issuances to start in the following week, while others are planning to quit the office. One banker expects less volatility in July.

The article reports that Svenska Handelsbanken joined the yen funding market on June 27, 2013. The entry of the Swedish bank reflected the Japanese market's ability to cope with volatility. The bank's deal added to the transactions placed on the market by European banks as Japanese investors seek for yields which drove spreads for foreign banks to tight levels.

The article reports that bank lenders will continue to play a major role in the provision of long term financing in Europe, according to the Loan Market Association (LMA). It emphasizes the importance of both bank and non-bank lenders for the European lending markets in response to a European Commission green paper on the long term financing of the European economy. It expects the growth of non-bank investors' role in the market.

The article reports on bond deals issued on the Japanese market. It describes significant interest of European banks on the said market, noting that they have allotted 150 billion Japanese yen on the sector. Swedish bank Svenska Handelsbanken will be selling three- and five-year fixed rate tranches that may be priced on June 26, 2013. The debut bond deals issued by HSBC and Crédit Agricole are also given.

The article reports on the impact of macro-economic concerns on the European asset-backed security (ABS) market. Withdrawal of bids in collateralized loan obligations (CLO), commercial mortgage-backed security (CMBS), ABS, prime residential mortgage-backed security (RMBS) and non-conforming RMBS were observed. Also heavy selling were reported by traders as hedge funds and legacy holders tried to take profits.

The article reports on an unsecured hybrid bond issued by the Dutch-Swiss commodities trading and production group Trafigura Beheer in April 2013. The deal was handled mainly from Singapore by bookrunners that included the Royal Bank of Scotland and Credit Suisse. More than half the bonds were taken by European investors. Ways in which the deal has helped the company lengthen its debt maturity and enhance its credit standing with senior unsecured lenders are also cited.

The article reports on the reopening of Europe's collateralised loan obligation (CLO) which is considered a positive development for commercial mortgage-backed securities (CMBS). Real estate investor Gagfah is planning to launch a new German multifamily housing securitisation. It is noted that more German multifamily trades are forecast in 2013.

The article reports on the support of the Association for Financial Markets in Europe (Afme) for a wider asset-backed securities (ABS) role in the economic funding debate. Afme also wants the European Commission to review ways to finance the real economy and examine how funding for housing can be enhanced by securitisation markets. A green paper on financing the real economy was published by the European Commission in April 2013.

The article offers information on the bond offering of Unédic in the European finance market in April 2013. It mentions that the offer was guaranteed by the Republic of France. According to the author, the deal was supported by several finance companies including Credit Suisse, Natixis and BNP Paribas.

The article offers information on the bond deal offered by finance company Achmea BV in the European market in March 2013. It mentions that the bonds are set to reach their maturity on April 4, 2023. The offer has received support from several credit companies including Deutsche Bank, HSBC and JP Morgan.

The article offers information on the bond offering of finance company Emirates NBD in the European finance market on March 26, 2013. The bonds are set to mature on March 28, 2023. The deal has received support from several credit companies in the region including JP Morgan, HSBC as well as ENBD Capital.

The article reports on the strong performance of the bond offer of French company Agence France Trésor (AFT) in the European bond market in April 2013. It mentions that the offer has received support from agencies, corporates and banks. According to the author, the leading offer of AFT was followed by the bonds of retailer Auchan and insurance operator Unédic.

The article reports on a subordinated offering received by Dutch insurer Achmea BV in the European finance market in April 2013. It mentions that the bond deal has received interesting response from investors in the region. According to the author, bookrunners of the deal priced it within the six to 6.125 per cent range.

The article presents information on leveraged lenders market in Europe. It is stated that leveraged lender are becoming so aggressive in their pitches for new leveraged buyout (LBO) transactions that sponsors are asking them to temper the leverage ratios that they are offering. According to leveraged loan bankers, the market has returned to a level of competition not seen since before the credit crisis.

The article offers information on the revival of Swiss franc market in Europe in 2013. Swiss franc bankers are planning to prove the financial growth of Slovakia in Eurobond market through central and eastern European sovereign issuance. In a study, investment information provider, Dealogic LLC revealed that more than half of international sovereign, supranational and agency (SSA issuance in Swiss francs is from the emerging markets.

The article offers information on the European Bank for Reconstruction and Development. It presents the views of borrowers and bookrunners regarding the fluctuations in the financial performance and pricing policies of the organization. Features of various bonds issued by the bank in 2013 are being discussed in the article.

The article offers information on the increased inclination of Societe Generale SA (SG) in Central Eastern Europe Middle East and Africa (CEEMEA). After the occurance of economic crisis, the company is reshaping its financial activities in such a way that it could expand its business in CEEMEA. As per financial observers, SG is increasing its loan portfolio in CEEMEA.

The article says that increased funding needs along with a desire for diversification is forcing regional issuers in Europe to venture into new fundraising territory. The City of Gothenburg, Sweden printed a syndicated bond and it became the first ever Swedish municipality to do this. More French regions are likely to issue debut private placements in 2013.

The article reports that amid a broader backdrop of slow activity in the secondary market for asset-backed securities, some holders of legacy European residential mortgage-backed paper are planning to sell peripheral bonds to take advantage of the market. It is said that smaller holder of legacy paper are following the path set by larger banks during the height of the eurozone crisis.

The article focuses on the lesson of not fighting with the central bank. In 2013, investors learned not to fight the European Central Bank (ECB) as all its actions during much of the eurozone crisis were proven to be a surefire way to make money. According to the author, one thing that is consistent about the ECB is its inconsistency, which is seen when the rules it laid down were changed and altered when the dam was about to burst.

The article discusses concerns on the Fitch Ratings report that found European banks have a minimal reliance on money market funds from their home continent as European money funds just accounted 2% of their bank's deposits.

The article discusses the highlights of the European Union's (EU) draft paper, entitled "The Long-Term Financing of the European Economy." According to EU officials, securitisation could help in reducing reliance on bank funding. They point out the need to develop corporate bond markets in Europe as an alternative to bank funding. They cite the Prime Collateralised Securities label initiative as the industry best practices on loan quality, transparency and simplicity.

The article focuses on the feedback being sought by the European Banking Authority (EBA) on its proposed methodology for determining assets included in the stock of high quality liquid assets (HQLA) that banks can hold in the liquidity coverage ratio (LCR). The LCR is aimed at protecting banks from short term market crises. The range of assets eligible for the LCR buffer was expanded by the Basel Committee. EBA plans to assess asset classes using a scorecard system.

The article reports on U.S. dollar bond deals launched by European issuers. The Nordic Investment Bank (NIB) managed to outdo the three-year deal issued by German firm L-Bank. According to NIB funding head Jens Hellerup, the deal introduced by NIB may be considered as its biggest transaction. Aside from Daiwa, lead managers JP Morgan and Rabobank handled the fixed rate benchmark offered by Dutch firm Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV (FMO).

The article discusses the developments in the global financial market, particularly in the European leveraged loan sector. According to leveraged loan bankers, there are plenty of deals in the horizon, including the potential sales of Swedish mattress firm Hilding Anders, French firm Nobice and Dutch pharmacy company Mediq. It also cites the loan pursued by Carlyle to finance its buyout of car paint firm DuPont Performance Coatings.

The article reports that investors in Europe are expecting a wide scale adoption of callable commercial paper (CP) in the region. According to Craig McGlashan of "EuroWeek," European banks have already begun printing callable CP in the US to help with their dollar funding. However, Federated Investments Chief Investment Officer Deborah Cunningham still expect change while flows are still small.

The article reports on the decline in the number of FIG issuance in Europe on January 29, 2013. The borrower-friendly market conditions on January 25, 2013 were taken advantaged by BPCE, Goldman Sachs and JP. However, a combination of closed periods and secondary volatility resulted in Sparebank 1 SMN as the only borrower in the pipeline on January 29, 2013.

The article reports that covered bond (CB) issuers from Europe were attracted by good funding conditions, resulting to deals done at aggressive spread levels. However, bankers cautioned for the potential increase in new issue premiums with good spreads attracting investors' interest. Demand for Europe issuers is discussed including 1 billion Euros 10 year from Terra BoligKreditt and 500 million Euros four year from Deutsche Pfandbriefbank (Pbb).

The article observes that anyone looking for signs that the debt crisis that has ravaged the borrowing programmes and economies of Europe's peripheral borrowers might be easing was rewarded in the week ended February 1, 2013 with syndicated comebacks from Portugal, Spain, and the Autonomous Community of Madrid. It mentions that all 3 borrowers priced stellar transactions. The article also states that there are debates whether this is a sign that peripheral Europe are overcoming their problems.

The article reports that margins in the European leveraged loan market are expected by bankers to shrink in 2013 as demand heavily outstrips supply. Bookrunners for the 2.7 billion dollar loans supporting Carlyle's buyout of DuPont Performance Coatings decided to slash its pricing in response to overwhelming response to both bond and loan portfolios of the deal. Also expected is further tightening of prices across the market due to changes that could improve business conditions.

The article focuses on a high issuance in Europe's high yield bond market in January 2013. According to specialists, the pace of new deal announcements reminded them of the boom years of 2006 and 2007 in both the bullishness of risk appetite and fears that the market might be overheating. Bankers also cannot explain why exactly the market is so much popular now than it was in the later part of 2012.

The article reports that the Commonwealth Bank of Australia (CBA) launched its first U.S. dollar covered bond deal to the European market. It describes price established by CBA on the deal which involves joint leads Barclays and RBC Capital Markets. Remarks from CBA executive Simon Maidment regarding investor interest in short-dated dollar deals are presented. Brief information on previous bond deals issued by CBA is also offered.

The article reports on the positive response of the asset-backed securities (ABS) market to amended liquidity coverage ratio (LCR) regulations issued by the Basel Committee on Banking Supervision (BCBS). Under new rules, residential mortgage-backed securities (RMBS) will be included in the level 2B liquidity bucket. It describes favorable trading volume observed following announcement of new LCR rules, citing how these influenced value of Aire Valley senior bonds and Dutch second-pay bonds.