Search

This article presents information related to paper stocks in the U.S. which have been on fire of late, partly because of an industry upturn stemming from a lift in overseas demand, including a pickup in Asia. There are also expectations of more takeovers. One stock on a tear is Champion International, a producer of paper and wood products, which leaped from 48 on October 5, 1999 to 59 on November 10, 1999. Finland's big paper-and-forest-products company, Big Board-listed UPM-Kymmene, may make a bid for Champion.

Focuses on the dominance of emerging markets paper amid leveraged buyouts and cable loan deals. Increase in the Asian traders' interest in Kazakh and Russian paper; Background on the tranche activity at VNU.

The article provides information on international business conditions as of August 1990. The production index has remained the same. The output of coal, rail-freight traffic, paperboard, paper, lumber and electric power fell on a seasonally adjusted basis. The output of steel and crude-oil refining was unchanged. Stock prices and the growth rates for real estate declined. On the other hand, bond yields and business failures increased. Charts of production indicators, foreign exchange and monthly economic indicators are provided.

Focuses on the business performance of medium term notes and commercial paper market in Europe, as of April 30, 2004. Increase in the interest rate of securities; Reason for the decline of bond issues; Percentage increase in the asset backed securities.

The article reports on the bond issue by Nokia in Europe. According to bookrunners, the issuer had run a Europe wide roadshow about extending its commercial paper issued for the acquisition of Navteq, but instead started to consider a bond transaction to refinance the paper. They mention that the company's results showed that it had been affected by the macroeconomic outlook.

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.

Presents data on the status of the medium term note (MTN) and commercial paper market in Europe as of July 7, 2005. Top Euro MTN issuers; Top Euro MTN issuing countries; Bookrunners and lead dealers included in the MTN and corporate issuance league tables.

Presents information on the general status of medium term notes (MTN) and commercial paper (CP) issues in Europe as of October 28, 2004. Top Euro MTN Issuers of the Week; Top Transport/Shipping Euro MTN Issuers by Outstandings; Asset Backed Euro CP Outstandings.

The article focuses on the formation of the Gold Bondholders Protective Council by stockbroker Robert Ellison as of March 1980 in an effort to uphold the interests of holders of matured bonds payable in gold that were issued by companies prior to U.S. Congress's repudiation of the gold clause in 1933. Comments from Stephen DeLisio, an attorney for Merdes, Schaible, Staley & DeLisio, and Herbert Waterman, vice president of Southern Pacific Railroad (SP), are included.

The article focuses on the developments in the commercial paper market of Europe as of April 30, 2010. It was observed that investors have been ending their paper while others decided to cut their lines on Portuguese banks backed by the sovereign due to the downgrading of the country's local and foreign currency sovereign issuer credit rating and local and foreign currency short-term ratings. Details related to the bond issuances of the Republic of Portugal, Millennium BCP, and Allied Irish Banks are also given.

The article reports on the proposals published by the Stock Exchange of Hong Kong and the Securities and Futures Commission of Hong Kong, China in 2008 to provide issuers of stock or debentures the authority to distribute paper application forms for public offerings without prospectuses as attachment.

Presents an update on the European commercial paper market as of August 12, 2005. Indications of investor confidence; Total value of bonds issued by Spintab in euro and sterling denomination; Percentage of interest rates raised by the Federal Open Market Committee.

The article reports on the commercial paper (CP) issue sold by the South Australian Government Financing Authority (Safa) on May 1, 2012. It notes that the transaction is the largest CP trade of Safa for more than a year. There is continued strong demand for Australian credits as investors try to shift away from Eurozone credits. According to Dealogic, the Safa CP deal has the longest maturity since July 2011.

The article reports on the high-yield bond buyback closed by the paper manufacturer Lecta after the buyback of Daily Mail and General Trust in December 2011, which retrieved fewer bonds than the maximum target. It says that Lecta did not want to overpay and had no pressing need to buy back the debt. According to a banker close to the transaction, the deal was purely opportunistic.

The article reports on the decision of Gazprom to postpone its planned issue of six month commercial paper late on October 5, 2011. It says that the move came after UBS opened books with price guidance of 4.5 percent yield area. According to the author, market participants away from the note were wondering why it had been delayed as emerging market (EM) bonds had been relatively stable over the last couple of days.

The article reports that long-dated trades for sovereign, supranational and agency (SSA) issues were driven by Asian demand. Among the largest trades was NRW Bank selling a 500-million U.S. dollar piece of 364 day commercial paper (CP). The Republic of Austria and Caisse d'Amortissement de la Dette Sociale (CADES) offered a 350-million U.S. dollar piece and a 300-million U.S. dollar clip, respectively.

This section offers news briefs concerning medium term notes (MTNs) and commercial paper (CP). Royal Bank of Scotland sold one-year bonds amounting to 75 million British pounds. Three-year floating rate notes worth 20 million U.S. dollars were placed by the Commonwealth Bank of Australia. National Bank of Abu Dhabi (NBAD) also sold fixed rate notes through Barclays Capital.

The article reports that Corporación Durango, a Mexican paper manufacturer, filed for bankruptcy. Durango was due to make a $26.5 million coupon payment on the bonds on October 5, 2008 but failed and filed for debt restructuring under the Mexican Concurso Mercantil process. The company defaults on $509 million in bonds due 2017.

Focuses on the Euro commercial paper (CP) issued by the Greek government in January 2004. Reasons for issuing tenors ranging from five days out to three weeks; Lead managers on the bond issue; Banks included in the dealer panel of Greece's sovereign programme.

The article explains that swapping bonds can be a way for individual investors to erase their paper losses after the decline of bond prices. A capital loss that an investor takes can offset equivalent income at tax time. Chemical Banks Portfolio Group money manager Stephen Timbers points out that bond swapping occurs at the end of a year.

The article discusses the role of conflict between overlapping regulators in the freezing of medium term note (MTN) issuance in the Chinese domestic market, according to senior financial lawyer Fang Jian. Regulation of China's bond market is split between the National Development and Reform Commission (NDRC), China Securities Regulatory Commission (CSRC) and the National Association of Financial Market Institutional Investors (NAFMII). The People's Bank of China is likely to take a back seat, monitoring only the commercial paper market.

The article reports that time money and commercial paper have not shown any tendency to advance and there has been no pressure on bond prices as expected due to the present level of commodity prices which are below 1920 levels and the increasing supply of gold.

The article reports on the commercial paper issues from the Netherlands, which include a three-month paper, a three-week paper and a three-year bond.

The article reports on the extension by Nederlandse Waterschapsbank (NWB) of its syndicated public bond curve in euros in September 2013. The paper was priced by DZ Bank, LBBW and Nord LB at 33 basis points over mid-swaps and the order book was closed at about 600 million euros in size. A syndicate banker says the deal is targeted at a German audience since it would have been too expensive for French buyers.

The article reports on the sale of a large volume of European commercial paper by sovereign, supranational and agency borrowers in September 2009. According to traders, the move was at least partly because of the favourable basis swap from dollars into euros. It is noted that the governments/sovereign issuance totalled 10.53 billion U.S. dollars equivalent.

The article reports that Nine Dragons Paper Holdings, China's biggest paper board producer, has priced its $300 million five year debut bond amidst the recovery of the Asian credit markets and the demand of investors for new bond issues. Around 70 investors placed orders worth over $500 million. Fifty percent of the notes went to Asia, 40 percent to the U.S. and 10 percent to Europe, while fund managers took 50 percent, insurance companies 30 percent, banks and private banks 10 percent apiece.

The article presents an update on the cédulas market in Europe as of April 2007. Grupo Banco Popular priced a €2 billion 10 year issue at 6 basis points (bp) over mid-swaps. Caja Madrid offers a €1.5 billion 15 year cédulas hipotecarias at 8bp over mid-swaps while adding €500 million to its €1.5 billion March 2036 deal at 10bp over mid-swaps. A 10 year paper from Banco Bilbao Vizcaya Argentaria issued in January is trading at 4bp/3bp over.

The article presents an update on the European commercial paper markets as of March 17, 2006. Euro-denominated issuance picked up in medium and longer dated tenors. The market expected the Federal Open Market Committee to raise dollar rates on March 27 and 28 and on May 10. By the close of trading on March 16, banks had taken 40.78 percent of new issuance, the asset-backed sector took 30.19 percent, while sovereigns and supranationals took 4.41 percent and 3.71 percent respectively.

Provided information on the euro denominated bond offering launched by Banco Bradesco and electric company CESP in Brazil. Value of the offerings; Positive demand in the Eurobond market for short dated high yielding paper from Latin American issuers; Book runners of the offerings; Credit ratings.

The article focuses on the five-year bonds worth Swedish krona (Skr)1.7 billion sold by Stora Enso Finnish paper company in Stockholm, Sweden. Deals for the fixed notes, it says, priced at 99.01 with 5.75% coupon attracted 79% of investors in Sweden and some in Finland, Denmark and Switzerland while 31% of bonds were allocated to banks, 17% to insurance companies and 22% to retail investors. It also notes 2011 sales of Stora Enso at 11 billion euros.

Reports on the seizure of $135 million worth of stolen British government bonds. Information that the bonds were found by U. S. Customs agents during a routine search of goods bound for South America on September 6, 1990; Report that the notes recovered at the Miami airport are part of a haul of 292 notes with a face value of $900 million stolen at knifepoint from London couriers in May; Report that there have been 14 arrests made in connection with the heist.

The article reports on the 300 million Euro nine-year Eurobond completed by Spanish utility Red Eléctrica as part of the borrower's 1.4 billion Euro funding trilogy. According to data, the bonds were priced at 13 basis points (bp) over with a coupon of 4.875 percent. The order book run by Barclays Capital and Citi was dominated by French real money accounts. The commercial paper also traded around four bp tighter in the secondary market.

The article reports that Iberian sovereigns and agencies have returned to the medium term note (MTN) market in high volumes. Instituto de Crédito Oficial (ICO) secured 1 billion euros from five year paper through a benchmark deal. Portugal sold a 110-million euro two year puttable note via Crédit Agricole CIB.

Evaluates several international bond issues in the swiss franc market as of September 1, 2000. Bayerische Hypo-und Vereinsbank AG; General Electric Capital Corp.; Landwirtzchaftliche Rentenbank; Ono Sokki Co. Ltd.; Baloise Holding.

This section offers news briefs on U.S. finance as of September 1949, which includes the 9.4 million U.S. dollars earned by Consolidated Edison Co. Inc. of New York in the June quarter, the refinancing of 52 million U.S. dollars worth of bonds issued by Illinois Central that is to mature in six years and the 3.3 million U.S. dollars net loss seen by Textron Inc. for the first half of 1949.

The article reports on the growing fears over the possible failure of the debt refinancing plans of Mexican cement company Cemex. The company failed to lengthen maturities on $418 million of commercial paper while its stock price tumbled in the second week of December 2008. The company's share price tumbled 18.7% after it was only able to exchange $71 million of its $418 million of commercial paper in return for longer term debentures.

The article presents an update on the Euro commercial paper (EuroCP) market as of June 2006. Abu Dhabi Commercial Bank introduced its first trades to the market. According to a banker, there had been an increase in funding requirements in the EuroCP market. Euro denominated issuance represented 52 percent of the market.

The article reports that the debt supporting chemicals manufacturer Ineos's acquisition of Innovene continued to fall due to the volatility of the high yield bond market. According to an institutional investor, Ineos and Smurfit-Kappa dropped by between a quarter and three eighths because they have large amounts of outstanding debt in the more volatile high yield market, where Ineos is a benchmark name. One loan trader said Ineos debt had softened but predicted a quick turnround.

The article reports on a five-year bond in Swiss franc denomination launched by Abu Dhabi Commercial Bank. A roadshow was conducted to dispel doubts about the deal. Investors have bought less paper per investor than the usual. The bank aims to access investors that have not been active in their dollar-denominated paper according to Gilles Franck, head of debt capitals at BNP Paribas.

Reports on the condition of the Euro commercial paper market (CP) in Europe as of April 2005. Percentage of the deals accounted to euro issuance; Target deals by investors in dollars; Plans of Banco Santander Central Hispano regarding a EuroCP programme.

Focuses on the performance of the euro commercial paper market for the week ended November 25, 2004. Increase in the share of issuance of the euro; Percentage of bond deals issued by banks and financial institutions; Value of the commercial paper issued by Caisse d' Amortissement de la Dette Sociale.

Reports on the efforts of Agricultural Bank of Greece (ABG) to join with several Greek banks in issuing lower tier capital bonds through its subsidiary ABG Finance International PLC. Comparison between the bond issued by ABG and that of Emporiki; Information on the financial strength rating established by Moody's for ABG; Impact of the downgrade review established by Moody's on the deal made by ABG.

Reports on several financial service companies that invested in the Australian dollar Eurobond market to take advantage of demand for short dated paper as of July 23, 2004. Lack of higher yielding corporate issuance; Information on commercial paper issues offered by Oesterreichische Kontrollbank; Concerns of some bankers on the capacity of the Australian dollar market.

Reports on the increase in the total issuance of European commercial papers (EuroCP) for the week ended July 8, 2004. Percentage of the proposed deals that accounted to euro, U.S. dollar and sterling; Status of the sterling market on previous weeks; Institutions that issue the bulk of EuroCP and which have maintained dominant market share of deal flow.

Reports on a ten-year Yankee international bond issued by the pulp and paper company CMPC in June 2003. Price of the bond; Aim of the issuance.

Offers a look at the performance of agency paper and corporate spreads. Expectation on subordinated debt issues; Factors that affects the performance of Treasuries.

Focuses on the bond offerings launched by Deutsche Siedlungs-und Landesrentenbank (DSL) and Kreditanstalt fur Wiederaufbau (KfW) in Australia's dollar market. Significance of the offerings; Information on both offerings; Details on the domestic debt issue for National Australia Bank.

Reports on a $350 million bond offering of Asia Pulp & Paper (APP) for its China operations to be led by Morgan Stanley Dean Witter. Remarks from an observer on Asia Pulp's servicing of its international bonds; Terms of the deal; Outstanding debt of the company.

The article discusses the $1.25 billion 30 year deal launched by Depfa ACS Bank and placing 88% of the paper with U.S. investors. It is said that the covered bond issuance shows the fast development of U.S. demand for covered bonds. Comments from Tim Skeet, head of covered bond origination at Merrill Lynch, on the covered bond are included.

The article looks at the growth of Japan Finance Corp. for Municipal Enterprises (JFM) in the domestic and international bond markets. JFM does not borrow from the government and is considered the largest Japanese issuer in terms of outstanding paper. Part of its fundraising efforts are issuing bonds such as government guaranteed domestic bonds and private placement bonds. It provides loans to local governments specifically at fixed interest rates with a maximum maturity of 28 years and an average final maturity of 25 years.