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The Bank of Japan (BOJ) has experienced a record-breaking paper loss of ¥10.5 trillion ($70.7 billion) on its bond holdings, the largest loss since fiscal 2004. This poses a challenge for Governor Kazuo Ueda as he considers normalizing policy. The loss is not expected to deter Ueda from reducing stimulus if the bank's inflation goal is achieved, but it highlights the difficulties the central bank may face when it eventually moves towards an exit strategy. The BOJ's massive bond holdings, which make up over half of the central government's outstanding debt, are vulnerable to even a small increase in yields. On the other hand, the BOJ has seen unrealized gains from its holdings of exchange-traded funds, reaching a record ¥23.6 trillion. Despite the losses, Ueda has expressed confidence in the financial situation of central banks, emphasizing the need for responsible financial management to maintain credibility in the markets. [Extracted from the article]

A recent controversy in the world of quantitative investing has raised doubts about the accuracy of a widely cited paper on bond market returns. Alex Dickerson, a doctoral student at Warwick Business School, discovered errors in the influential paper by three Georgetown University professors. The errors invalidated the paper's findings and led to its retraction by the Journal of Financial Economics. This incident highlights the replication crisis in finance and raises questions about the validity of factors used in bond investing. Despite the uncertainties, systematic credit investing remains a growing business. [Extracted from the article]

Country Garden has managed to avoid its first offshore bond payment failure and reschedule local debt in recent months, though investors are bracing for delinquencies and a likely debt overhaul. The company also put up a short video clip, in which Yeung was accompanied by Country Garden President Mo Bin. [Extracted from the article]

Currently for the biggest US banks, none of the unrealized losses impact profit, but the ones in the AFS books do hit common equity. The recent surge in yields - which abated somewhat this week - has renewed investor focus on unrealized losses, a key issue during the turmoil that struck regional banks from March. (Bloomberg) -- After investment losses tore through the US financial system this year, a fresh slump in bank stocks shows some investors fear the problem - which at its most extreme claimed a handful of lenders - hasn't gone away. [Extracted from the article]

(Bloomberg) -- Indian sovereign bonds slumped as the central bank's choice of relatively illiquid papers for its bond-purchase program disappointed traders. The yield on the 5.63% bond maturing in 2026 rose as much as 13 basis points to 5.89%, while the 6.64% 2035 bond yield climbed eight basis points. [Extracted from the article]

India's yield curve has been nearly flat even amid record borrowing by the government as insurers stepped up purchases of long-term bonds. (Bloomberg) -- India's auction of the debut 50-year bond met with strong demand Friday, underscoring growing interest from insurance and pension funds for ultra-long papers. [Extracted from the article]

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.

SBI Pension Funds Pvt., which manages $50 billion in assets, is considering investing in corporate and state debt due to the narrowing spreads on longer-maturity Indian government bonds. The fund's chief investment officer, Sandeep Pandey, expressed concern that the lack of term premium for longer-dated securities could impact returns for subscribers. Demand for longer-tenor papers has increased, leading to a compression in the spread between 10-year and 30-year bonds. The fund currently holds a portfolio of about one trillion rupees in corporate paper and 2.5 trillion rupees in sovereign and state debt. [Extracted from the article]

The article reports on the rise in demand for Alternative A-paper (Alt-A) residential mortgage-backed securities on the secondary market as of February 2014 while new-issue deals remain scarce in the medium term and spreads on subprime bonds become less attractive. Topics discussed include comments from Scott Buchta, head of fixed-income strategy at broker-dealer Brean Capital on bonds backed by middle-tier credit quality loans and an explanation on the yield of subprime assets.

"We therefore believe that the next policy decision the BOJ takes will likely be a major one - such as changing long-/short-term policy rate targets or terminating yield curve control altogether." (Bloomberg) -- Japan's two-year yield rose above zero for the first time since 2015, bringing the global era of negative yields closer to an end. [Extracted from the article]

The Fed had to similarlysupport the commercial paper market after Lehman Brothersfailed. (Bloomberg) -- Blue-chip companies that need to borrow inthe US now are increasingly relying on short-term IOUs toavoid locking in longer-term borrowing costs in a marketbeset by turbulence. [Extracted from the article]

This article presents brief descriptions of various recent socio-political issues and developments in the U.S. It first focuses on Senator John Sherman's latest banking bill. It provides that upon a deposit of bonds any national banking association shall be entitled to receive circulating notes equal in amount to the par value of their bonds bearing interest at the rate of not less than 3 per cent, and redeemable at the pleasure of the U.S. at the date of such deposit; and if bonds deposited are not so redeemable, and bear a rate of interest higher than 3 per cent, then the issue of circulating notes may be to an amount equal to 95 per cent. The article further reports that among the amendments to the Lowell Bankruptcy Bill suggested by the Convention recently held in Washington D.C., is one making dealings in futures on the part of the bankrupt a ground for objecting to his discharge.

H&M's "Blowout" Sustainable Bond Debut Lures $6.5 Billion Orders (Bloomberg) -- Hennes & Mauritz AB has slashed the yield offered on its debut bond by half after investor demand for the Swedish retailer's sustainable debt proved so strong. The investment-grade notes earlier attracted orders of about 5.4 billion euros, which covered the deal more than 10 times and allowed H&M to cut the spread by as much as 50 basis points between initial price talk and final terms. [Extracted from the article]

Reports on the pressure on asset-backed bonds as Latin America copes with global recession, crisis in Argentina and Brazil as of December 2001. Vanilla bonds issued by Latin America since July to December 2001; Workers' remittances to selected Latin American countries from 2001-2002; Local markets that are developing commercial paper markets. INSET: Getting Off the Ground, by Maria O'Brien.

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.

Home Depot Inc. plans to take on $12.5 billion of debt to finance its acquisition of building-products distributor SRS Distribution Inc. The company intends to use cash on hand, as well as new commercial paper and unsecured notes, to fund the deal. The acquisition is valued at approximately $18.25 billion and is expected to be completed in early 2025, pending regulatory approvals. Home Depot aims to maintain its investment-grade ratings and reduce leverage through debt repayment and Ebitda growth. The acquisition aligns with Home Depot's strategy to target professional contractors in the market. [Extracted from the article]

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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.

(Bloomberg) -- China Evergrande Group avoided what would have been its first default on a public onshore bond as a unit got investor backing to delay repayment of a 4.5 billion yuan ($707 million) note. Bond (4:05 p.m. HK) Chinese developer Country Garden Holdings failed to find enough demand for a potential $300m convertible bond, according to a report by IFR. The share placement has done little to restore investor confidence in the firm's longer-term financial health, even though funds will be used in part to repay some loans. [Extracted from the article]

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.

(Bloomberg) -- Swedish debt collector Intrum AB is tapping bank credit lines for funding as selling commercial paper becomes more challenging. "This is not the first time that the commercial paper market is closed for Intrum, hence leaving it with no alternative sources of fresh financing", he said. [Extracted from the article]

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.

(Bloomberg) -- South Korea pledged at least 50 trillion won ($34.7 billion) in support for credit markets that have been strained by rising interest rates, stepping in to reduce the risk of defaults weighing on the economy. Korea will resume purchasing commercial paper and corporate bonds from Monday, first injecting 1.6 trillion won from a 20 trillion won bond stabilization fund, Choo said. [Extracted from the article]

The article reports on a 100 million U.S. dollar block of British prime paper that traded to mostly U.S. accounts in October 2011. The activity is considered a sign of a sustained U.S. bid for British prime paper. It is noted that the deal is built mostly of bonds from larger British master trusts that include the Arkle and Permanent vehicles of the Fosse and Lloyds Banking Group of Santander U.K.

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 proceeds will be used to repay three existing bonds series, as well as pay down commercial paper and credit line debt of the real estate investment trust, formerly known as Land Securities. [ABSTRACT FROM AUTHOR]

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 on an increase in demand for AA and A paper in Northern Rock's U.K. Granite residential mortgage-backed securitization (RMBS) in the past week, as of September 5, 2011. Dealers expect investors to take on longer-dated positions as confidence grows. The AAA bonds in Granite are said to have shifted slightly since the end of August.

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 on a 112 million U.S. dollar senior secured notes issued by Pratt Industries subsidiary Pratt Paper. The notes will be used to finance the construction and operation of a recycling plant in Louisiana. The bonds are underwritten by GE Commercial Finance Corporate Lending. The capital cost for the greenfield project is 150 million U.S. dollars.

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.

Purpose: Considering that listed companies are the main body of natural resource consumption and pollutant emission, this study aims to explore the stock price effect and source channels of green bond issuance of listed companies. This is extremely necessary to promote listed companies to actively fulfill their environmental responsibilities so as to achieve sustainable economic and social development. Design/methodology/approach: In this paper, the companies that issued green bonds in Shanghai and Shenzhen stock markets in China from 2016 to 2018 are used as samples. First of all, the authors adopt the event study method and match the two models to prove that there is a stock price effect in green bond issuance. Then, the authors introduce the general regression model to analyze the sources of the stock price effect of green bond issuance in detail through three channels: "financing cost," "investor attention" and "fundamental." Findings: In the above three channels, the "investor attention" channel can well explain the stock price effect of green bond issuance. Meanwhile, the authors also find that the stock price effect of the subsequent issuance of green bonds is more significant than that of the first time, non-financial companies are more pronounced than financial companies, public issuance are more obvious than private issuance, state-owned companies are more notable than non-state-owned companies, small-scale companies are more evident than large-scale companies and companies with high equity concentration are clearer than those with low equity concentration. Originality/value: Taking China as the research object for the first time, this paper comprehensively employs the capital asset pricing model and Fama–French five-factor model to discuss the stock price effect of green bond issuance of listed companies. Secondly, this paper also studies whether the way of green bond issuance, the type and size of the company, as well as the degree of ownership concentration will have different effects on the stock prices of listed companies. The research results provide new ideas and methods for the stock price effect of green bond issuance. [ABSTRACT FROM AUTHOR]

This will cause "a slowdown in the supply of corporate commercial paper as companies re-consider the opportunity cost of raising funds from the debt market as yields move toward double digit", it said. MTN Nigeria issued 270-day commercial paper at 8%, though the indicative rate was 6%, according to Stanbic. (Bloomberg) -- Nigerian companies are paying more to borrow in capital markets, signaling an end to the era of low rates which many issuers took advantage of to refinance higher-cost debt. [Extracted from the article]

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.

Focuses on Brazil-based electricity companies' foray into the capital markets. Commercial paper issue of Companhia Energetica de Sao Paulo; Bond plans of Centrals Electricas Brasileiras and Companhia Energetica de Minas Gerais; External debt burdens of the country's electricity suppliers.

The article reports on the performance of mezzanine commercial mortgage-backed paper in the real estate market as real and fast money accounts showed a risk-on sentiment influenced by positive economic data. A 56.5-million-U.S. dollar offering, with all five line items comprised of bonds from 2006 deals, is cited as one of the larger mezzanine bid lists. Meanwhile, strong performers from 2006-2007 yielded between five to six percent.

"You can own commercial paper - that six-month, nine-month commercial paper and clip over 6% yield, which is pretty incredible", BlackRock global fixed income chief investment officer Rieder said on Bloomberg Television's ETF IQ. (Bloomberg) -- "Higher for longer" has exchange-traded fund investors dumping short-dated debt en masse ahead of what's widely expected to be the Federal Reserve's last interest-rate hike. [Extracted from the article]

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.

(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. 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. 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 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.

Provides information on the bond of Hannover and Allianz. Interest deferral mechanism of Allianz bond; Impact of the strong track record of Hannover on their bond launching; Evaluation made by Standard & Poor's on the bonds of the two companies.

Reports on the performance of the international yen market as of November 2003. Effect of the yen holdings reduction of international fund managers on the ability to prize sizable credit deals; Factors that encouraged switching out of Euroyen and global yen issued by non-Japanese issuers; Top 5 bookrunners of offshore yen bonds. INSET: September rush confirms vital signs.

Reports on the cancellation of bond issuances in the U.S. as of May 3, 2002. Cause of the cancellation; Companies that cancelled their bond issuances; Impact of the losses incurred by telecommunication companies on the number of bond deals to be done.

The article reports on the 400 million Swiss franc fixed-rate dual tranche note priced by Oesterreichische Kontrollbank (OKB) as it capitalized on the renewed focus of Swiss investors on high quality credits. The price of the bond at tight spread is attributed to the rarity value OKB has generated and the undersupply of agency Swiss franc commercial paper. The shorter note satisfied the preferred tenor of OKB, while the longer tranche was driven by its coupon rate.

The article reports on strong demand for short-dated paper from double-B issuers in the European high yield market.

The article discusses the return of commercial paper conduits through innovations such as independently managed collateralized commercial paper (CP). The decline of traditional conduits such as structured investment vehicles (SIV) and asset-backed commercial paper (ABCP) is described. Conduits such as collateralized CP and FURSTs structures are said to offer a number of benefits compared to the traditional ABCP, such as exemption from certain securities rules. Their similarity to independently managed covered bonds backed by CP is also discussed.

The article reports on the estimated 4.9 million dollars in fees earned by New York financial services firm BlackRock from the Federal Reserve Bank of New York's Maiden Lane II portfolio, the legacy paper bought from American International Group in 2008. According to the web site of the bank, the bonds had a total market value of 16.5 billion dollars at the end of 2010.

The article reports on the decision of French electrical equipment supplier Rexel to establish a domestic commercial paper program worth 500 million euros, which Fitch rated B as of May 2010. According to Rexel vice president of financing Jean-Francóise Deiss, the program aims to diversify financing and attract new investors. The author adds that although the program is yet to be signed, it is expected to operate soon. Information on the seven-year bond issued by the borrower in December 2009 is also provided.

The article reports on a tender offer launched by Nine Dragons Paper for 118.5 million U.S. dollars of outstanding bonds. The company's most previous transaction was a 300-million-U.S. dollar five-year bond issue in April 2008, with a coupon of 7.875%. The latest issue was preceded by a buy back of 16.25 million U.S. dollars. Deutsche Bank served as the lead manager for the tender.

The article reports on the plan of Bank of Japan to buy up to ¥1 trillion of corporate bonds. The bonds will have a maximum remaining maturity of up to one year. The central bank will also continue to inject money into the commercial paper market up to the end of September 2009. The central bank will buy the bonds through a series of ¥150 billion auctions.

The article focuses on a white paper from JHP Capital which claimed that commercial mortgage-backed securities will perform well in a recessionary environment. The study also claimed that commercial mortgage backed securities (CMBS) have unfairly affected by turmoil in the residential subprime market and present a very good buying opportunity. Among the findings of the study are few defaults or credit losses will be seen by fixed-rate investment grade bonds and limited downgrade risk.

The article reports that investors remain interested despite volatility on the main indices. The indices had a volatile week in mid-June 2008 particularly the iTraxx Crossover. According to traders the time is better for buyers and sellers on the said week as new buyers have entered the market enabling other paper holders to sell.

The article reports that Brazil has slowed down in the issuance of international bonds in 2008. The company argued that global market volatility is imposing unjustifiably high premiums on new issues. Over the last four years, Brazil has issued on average $6 billion annually. According to Paul Valle, head of public debt operations at Brazil's national treasury, plans to issue new money in either dollar-denominated bonds, local currency paper overseas or domestic bonds were now on hold.

The article discusses the response of financial markets to the conclusion of the U.S. quantitative easing (QE) in June 2013. It describes the initial response of traders, sovereign, supranational and agency (SSA) bond issuers and commercial paper dealers to the introduction of QE. It also acknowledges the lack of protests to said QE conclusion despite previous controversies associated with its launch.

The article focuses on the recovery in the credit fault swap markets in the U.S. and in Europe in January 2006. The recovery was influenced by strong purchase of cash bonds. It is believed that the iTraxx Europe and the Crossover Indexes are only back to where they were before the Christmas slowdown and sell-off. Despite the recovery of most sectors, it is expected that the European paper products industry will struggle in the first half of the year.

The article offers information associated with growing popularity of sustainability-linked debt. It is noted that a mid-size Canadian consultancy WSP has amended the terms of a loan of 1.2bn dollar whose interest rate hinges on hitting three targets to reduce greenhouse-gas emissions from its operations, increase revenues from green sources and increase participation of women in management. It is stated that sustainability-linked bonds are also in increase.

Commercial Paper Three-year government bond yields slid 19 basis points to 4.31% while 10-year rates dropped 16 basis points to 4.49%. (Bloomberg) -- South Korean assets rallied on Monday after the government pledged at least 50 trillion won ($34.8 billion) to prop up credit markets, easing concerns about rising default risks in key sectors including real estate. [Extracted from the article]

The article reports on the developments in the operation of German firm KfW, including plans to raise 70-75 billion euros in 2013. According to the company's head of capital markets, Horst Seissinger, they expect higher interest in their bond issuances in 2013. Seissiner said that they will still focus on Asian currencies, particularly on Hong Kong and Singapore dollars.

The article reports on the move by Kazakhstan state railway firm Kazakhstan Temir Zholy (KTZ) to tap its existing 800 million dollar 2042 bond issue for 300 million dollars in early November 2012. The joint bookrunners for the tap are Barclays, JP Morgan and the Hong Kong and Shanghai Banking Corp. (HSBC). The opinion of JP Morgan's Stefan Weiler on the deal is also cited.