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1. Fury as covered bond issuers fight banks on market-making.

Author

Day, Neil

Subjects
BOND market, CRISES, FINANCIAL markets, CAPITAL market, CORPORATE debt financing
Abstract

The article reports that the covered bond market has suffered one of its most volatile days. Dealers have decided by majority vote to quote wider bid/offer spreads for non-core covered bonds than for core markets, defined as Germany, France, Austria, Luxembourg and Depfa. ACI Germany was chosen as the forum for market-makers to discuss such situations after the Allgemeine HypothekenBank Rheinboden episode in October 2005, the last market-making crisis in covered bonds.

Published
2007

2. Natixis SA.

Subjects
CORPORATE bonds, BOND ratings, BOND prices, EUROBOND market
Abstract

The article focuses on the €1 billion bond issued by Natixis SA on May 21, 2007. The transaction was rated Aa2/AA/AA. The price guidance for the deal, which was sole managed by Natixis, has been tightened to 21 basis points. About 30% of the bond was sold to France and 20% each to Germany and Austria.

Published
2007