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Copyright of Revista Española de Capital Riesgo is the property of M&A Businesshop, S.L. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article reports on the first bond issue by Russian Globexbank from its two billion U.S. dollar commercial paper (CP) program to be launched in May 2012.

The article reports that investors of medium term notes (MTN) are shifting to yields from sovereign, supranational and agency (SSA) bonds following a decline in core currency yields. It notes that SSA borrowers were able to take advantage of basis swaps between the sterling, dollar commercial paper funding, and the euro. The article also discusses the positive trends in the euro/sterling and euro/dollar basis swaps resulting from trades of banks like NRW.Bank and Bank Nederlandse Gementeen.

The article reports on the market performance of the six year bond of Turkiye Is Bankasi (Isbank) in January 2011. The tightening of the bond by five basis points (bp) on spread basis is described as a demonstration of the popularity of Turkish bank paper. JP Morgan, Royal Bank of Scotland, Standard Bank and Standard Chartered Bank are the lead managers of the issue. Isbank has emerged as the third financial institution (FI) issuer from Turkey to enter the Eurobond market.

The article presents updates on bonds issued in sterling. The amount of the deal issued by Centrica PLC was £300 million. The deal issued by Reed Elsevier Investments PLC is brought to diversify away from its usual market in the U.S. and to pay back some outstanding short term sterling commercial paper.

The article reports on the prediction of Moody's that sales of new non-financial high grade corporate bonds in U.S. dollars will go down by 12 percent to 500 billion U.S. dollars in 2010. According to moody's economist Ben Garber, the decline would be triggered by higher borrowing costs and excess cash on corporate balance sheets. It is also expected that the commercial paper market will remain weak.

The article reports on the increased interest of U.S. investors for U.S. corporate paper. Investors' interest for fixed income bonds was proven by a positive response for Nexen's 1 billion U.S. dollars bonds and Northrop Grumman's 750 million U.S. dollars two-tranche offering. Nexen's, a Canadian oil and gas supplier, deal was underwritten by Bank of America, Merrill Lynch, BNP Paribas, Deutsche Bank and HSBC. Northrop Grumman, an aerospace and defence technology supplier, sold a total of 250 million U.S. dollars 3.7% five year Treasuries.

The article reports on the plan of the Financial Services Commission (FSC) in South Korea to quickly set up a 10 trillion Korean won bond fund that would help cash-strapped companies. According to Kim Joo-hyun, director general of the financial policy bureau of FSC, the intentions of the Bank of Korea to contribute up to half the fund was welcome and the money would be used to purchase collateral-backed obligations, asset-backed commercial paper and corporate bonds.

The article reports on the failure of corporate issuers to satisfy the demand of investors for telecommunication (telecom) paper with a dual tranche issue from Finnish telecom company Elisa Oyj. The amount of the dual tranche issued by Elisa via Nordea, Royal Bank of Scotland and UBS is said to be 350 million euros. It is said that exposure to the telecom sector is being sought by European buyers. Other bond deals are discussed such as a dual tranche to be priced by BHP Billiton.

This article announces that the success of the long 30-year syndicated government bond by Greece demonstrated strong demand for long-dated paper. Books for the new issue, which was marketed with a minimum Eu3 billion size and a 2040 end date, were opened on January 29, 2007 by lead managers Lehman Brothers and the National Bank of Greece among others. By the close of the first day, orders in excess of Eu8 billion had been received and by the following morning, the book had grown to Eu11 billion.

The article reports on the Empresas Hipotecario Títulos da Dívida Agrária Cam 3 FTA launched by Caja de Ahorros del Mediterráneo via JP Morgan and Société Générale. The short-dated triple-A rated bonds were pre-placed. The other tranches all printed at the wide end of guidance, with the long-dated triple-A rated notes with an average life of five years coming at 18bp, the single-A rated bonds with a 6.8 year life at 38bp and the triple-B rated paper with 6.8 years at 80bp.

Presents an update on the European commercial paper (ECP) market as of October 7, 2005. Information on the coupon ticket printed by BCP Finance Bank; Plan of the Kingdom of Denmark to return to the ECP market through a sovereign bond issue by November; Stock performance of Euro denominated issuance, dollar and sterling bonds.

Presents updates on corporate bonds as of November 12, 2004. Decision of Ford Motor Credit Co. concerning the terms on its bond issue; Impact of several challenges in the U.S. automobile sector on the corporate bond market in Europe; Information on a subordinated debt to be issued by automobile financing company Volkswagen Bank.

The article reports on the sale by multinational banking and financial services firm Rabobank of its first five year Canadian dollar debt bond of 2013.

Reports that high profile dollar bond issuers discovered that investors will not take their paper at any price. Volume of the high grade dollar issues; Overview of companies that brought out deals; Incentives offered by Hertz Corp. to buy its bonds.

Presents an update on several multi-term note (MTN) and commercial paper (CP) issues as of September 5, 2003. Completion of transactions for a benchmark bond by Tomkins plc subsidiary Tomkins Finance from its EuroMTN program; Issuance of a EuroCP by Tesco; Decision of German railway operator Deutsche Bahn to increase its debt issuance program.

"If China doesn't tamper with the outflows and the market infrastructure holds up well, then this might ultimately increase the reputation of China's domestic bond market in the eyes of foreign investors." (Bloomberg) -- China's gradual approach to opening its bond market led some foreign investors to start viewing Chinese bonds as more akin to debt from developed nations rather than emerging markets, but the continuation of that reputation depends on how Beijing handles this year's record sell-off by foreigners. [Extracted from the article]

Dutch pension funds, which are the largest in the region with over €1.5 trillion in assets, are investing heavily in long-dated swap contracts. This is causing a disruption in one of this year's popular trades. The funds are likely doing this to hedge against increasing liabilities. The recent announcement by PFZW, the second-largest fund in the Netherlands, about a significant increase in pension payments starting in 2024 has led to speculation that other funds will follow suit. This has resulted in a flattening pressure on the swap curve. The lack of supply of core cash paper and the decision by the Netherlands not to issue more bonds this year have also contributed to the situation. While the bids from Dutch funds have affected the euro swap markets in the short term, it is believed that PFZW is an outlier among its peers, with other funds suggesting smaller adjustments. Additionally, pension funds are not only investing in swaps but also in other long-end securities such as green government bonds. [Extracted from the article]

Reports on the bond offerings launched by several companies in France which are euro currency denominated as of November 10, 2000. Banca Popolare di Lodi SCarl; Banque PSA Finance; BBVA Capital Funding Ltd.; DePfa Deutsche Pfandbriefbank AG; Value of the offerings; Ratings; Issue price; Lead managers.

The article reports that U.S. Senator Carter Glass has started the first Congressional move against proposals to lend Federal Reserve money on bonds, stocks, or real estate.

The yield spread between three-year government papers and similar top-rated company bonds had turned negative in April from around 87 basis points in August, according to Bloomberg data. (Bloomberg) -- A hawkish pivot by the Indian central bank has money managers scurrying to find safer bets while bracing for potentially the steepest rate hikes in Asia. Yields have risen, and stocks pared gains since the Reserve Bank of India shifted focus to inflation from growth in April and indirectly tightened policy by introducing a higher floor interest rate. [Extracted from the article]

The article reports that triple-A borrowers are taking advantage of an attractive basis swap by selling dollar bonds to the European commercial paper market. The maturity of the deals varied from two weeks to six months, and the largest bond issued was a 2.2-billion U.S. dollar ticket by the Netherlands. Some of the borrowers who issued bonds include Rabobank Nederland, Danske Bank, and Svensk Exportkredit.

Bolivia is considering selling up to $1 billion in green bonds in New York this year to finance the mining of lithium, a key component in electric vehicle batteries. The country hopes that by tapping into the demand for clean-energy investments, it can lower borrowing costs to 10% or lower. Bolivia has the world's largest lithium deposits, but extracting it in commercial quantities has been challenging due to high levels of magnesium in the brine and the distance to the nearest port in Chile. Despite political and social unrest and a state-led approach to natural resources, Bolivia's sovereign bonds have performed well this year. However, they still trade at distressed levels. The government believes its outstanding bond schedule is manageable and has demonstrated its willingness to honor obligations. Congress approved a sovereign bond sale last year, but future borrowing may be more difficult due to political divisions within the ruling socialist party. Bolivia narrowly avoided a financial crisis last year by selling half of its gold reserves, and the central bank has nearly depleted its cash reserves. The country's currency peg of 6.9 bolivianos per dollar exists on paper but is not easily accessible in practice. Black market currency traders are offering dollars for more than 8 bolivianos each. Bolivia has low inflation, but economists predict a spike in consumer prices due to the dollar shortage. The government plans to subsidize fuel, electricity, and food to mitigate inflation. [Extracted from the article]

Reports on the secondary bond market conditions in the United States as of November 2, 1998. Increase in the overall trading volume; Bond trading performance of several issuers including NTL, Telewest Communications and BE Aerospace; Improvement bond performance issued in the steel and paper industries.

The article deals with a £325 million 15 year bond sold by the Portuguese utility EDP Finance in October 2008. The deal illustrated the depth of the sterling market for corporate paper. While both the euro and sterling markets are still establishing fair value, sterling is still a more realistic option for some issuers, according to bankers.

Reports on a $2 billion transaction launched by Nelnet, the second largest U.S. student loan provider, in February 2006. Value of the first euro-denominated tranch issued by Nelnet; Views of Hubert de Mallerais, director of asset finance capital markets at Credit Suisse Securities in London, England, on the aim of the issuer for its investor base; Background on Nelnet as an issuer in the Euromarket.

The article offers updates on the medium term note (MTN) and commercial paper corporate issuance market in Europe as of January 2006. The InterNotes platform being managed by Incapital Europe and Bank of America Securities will be signed by United Mexican States. JP Morgan plans to launch a constant maturity swap-rate linked and inflation-linked hybrid bond. Standard & Poor's rated the MTN program from KfW at AAA/A1+. The European MTN of Banca Popolare di Milano was increased from Euro2 billion to Euro4 billion. A global note issuance program valued at $12 billion was launched by Canadian Imperial Bank of Commerce.

The article presents a commentary on the performance of the euro commercial paper (CP) market as of December 15, 2005. Market analysts are optimistic that the market would grow in 2006. Factors that influenced the market performance of asset-backed CP are also explained. Bankers are also optimistic concerning the funding of new conduits.

Presents an update on the Euro commercial paper market as of October 2005. Structure of a five year bond issued by the Kingdom of Denmark; Impact of interest rates from Asia on the sovereign market; Status of bond issues in non-core currencies.

Presents updates on retail currencies as of March 2005. Expansion of the Turkish lira Eurobond market following the issuance of currency paper by Volkswagen; Information on koruna deal issued by German bank WestLB; Issuance of tranche bonds by the City of Stockholm in Sweden.

Presents an update on emerging markets in Kazakhstan as of February 2005. Issuance of a bond by Bank TuranAlem through ING and JP Morgan; Percentage of shares sold by Bank CenterCredit; Information on the deal of Kazkommertsbank.

Reports on an increase of bonds of Ford Motor Credit (FMC) due to lower bond issuance including asset-backed securities in the U.S. as of July 23, 2004. Comments from Joe McCusker, fixed income auto analyst at FTN Financial in New York, on bond issuance of FMC; Background on the October 2008 bond issues of FMC; Plans of FMC concerning its commercial papers.

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 the bonds issued by Brascan and Potash in the U.S. dollar bond market. Value of the bonds; Accounts attracted by the bonds; Additional incentives offered by the companies to accounts.

Copyright of Revista Española de Capital Riesgo is the property of M&A Businesshop, S.L. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

States that through Prudential Securities company five issuers are expected to enter HEL bond issues on the asset market for the week of May 18, 1998 in the United States. Identification of companies expected to be enter the HEL issues; Comparison of HEL deal menu with that of Ford Motor Company; Information on the repositioning of investors portfolios.

Focuses on the Eurobond issue launched by the City of Brno in the Czech Republic via ABN Amro. Bonds issues by other Czech municipalities; Countries which bought the Brno offering; Debt service to operating income ratio of Brno.

Reports on the bond issue launched by JP Morgan for Kazakh's state-owned oil pipeline company KazTransOil in July 2001. Regional distribution of the bond; Price of the bond issue; Reason behind the attraction of the buyers to the bond issue.

Reports on the bond issued by Kreditanstalt f uuml r Wiederaufbau (KfW) amidst the re-opening of Federal Home Loan Mortgage Corporation's euro deals in Europe as of June 2002. Information on how the KfW deal was priced by bookrunners Barclays Capital and Goldman Sachs; Aim of KfW for the bond; Buyback programs of Federal Home Loan Mortgage Corp. and the Federal National Mortgage Association.

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.

(Bloomberg) -- Reliance Industries Ltd. is finalizing plans to raise up to $3 billion via an offshore bond issue, the Economic Times newspaper reported. While the exact pricing of the bonds has not been made available, there are expectations the 10-year debt may be offered at about 110 to 130 basis points over the U.S. Treasury benchmark, and the 30-year debt may be at 130 to 140 basis points over similar-maturity Treasuries, the Economic Times said. The company is expected to use the proceeds from the sale to refinance loans maturing in the next three to four months to save on interest costs or extending maturities, the paper said. [Extracted from the article]

(Bloomberg) -- As the global debt selloff deepens, T. Rowe Price Group Inc. is finding shorter-maturity bonds a safer bet amid expectations of a further rise in US Treasury yields and corporate defaults. So if everyone's in the trade, it's tough to differentiate or find opportunities" "We are finding a lot of high yield secured paper trading in high single digits or even double digit yields that can be secured by some assets that we are happy to underwrite even if we go through a downturn" ©2023 Bloomberg L.P. [Extracted from the article]

The article reports on the return of longer-dated deals in Europe. One of the deals is the 2.7 billion euro equivalent from Siemens which included a tranche priced through mid-swaps. Another issuer is Volkswagen Financial Services, the financing arm of Volkswagen, which sold bonds totaling 1 billion euros and a tenor of 10 years.

The article reports that Georgian Oil and Gas Corp.'s debut bond issue will be arranged by Goldman Sachs and JP Morgan. The deal will have a maturity of five to 10 years with a pricing of about 6.25 percent. Georgian's credit ratings from Standard and Poor's and Fitch are BB-. The article suggests that the company's credit profile is negatively affected by its reliance on a single contract with State Oil Company of Azerbaijan Republic.

The article reports on a study by Bank of America-Merrill Lynch analysts which highlights top rated bonds in British lender Bradford & Bingley's Aire Valley Master Trust as a strong buy-and-hold investment compared to certain British prime residential mortgage-backed securities (RMBS).

The article reports on French retail group PPR's purchase of 250 million euros of its outstanding 800-million-euro 2014 bonds, the tender of which was targeted at reducing the company's excess cash position and mitigate the cost of carry.

The article relates the comment of Hongkong and Shanghai Banking Corp. (HSBC) on a bond issue that was launched by HSBC Bank plc on July 9, 2010. The bookrunner stated that there was rarity in the issuance by HSBC Bank plc of a euro senior paper. Investors in such bond issue came from several countries including Iberia, Germany, and France. Also included are distribution by investor type and market appraisal.

The article reports that several medium term notes (MTNs) were sold by Fingrid, a power company based in Finland. With UBS as arranger, the company issued a pair of five-year floating notes, amounting to 180 million euros and 8 million euros. Three MTNs in Norwegian krone were also sold by Fingrid, including an eight-year bond and a five-year bond.