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This article looks at the issuance of euro covered bonds by several banks in Europe in 2010. Crédit Mutuel Arkéa achieved a targeted size for its covered bond despite facing deteriorating market conditions. BNP Paribas also sold a covered bond in April. Meanwhile, Sparebanken Vest Boligkreditt launched its inaugural bond in June.

The article presents an outlook on the European corporate bond market. At least €30 billion of corporate issuance is forecast but the U.S. presidential elections, the Fed meetings and year end holidays are expected to hinder issuance opportunities. According to Laurent Morel, head of corporate origination at Société Générale, with inflation and swap rates rising, energy and commodity prices at their peak and a likely downward revision in earnings, the crisis is going to spread from the financial sector to the economy.

The article presents an outlook on Europe's capital markets. While structured finance products have unwound and fizzled out and financial institution bonds have been shunned, the corporate bond market has thrived. In the first quarter of 2008, European corporate bond issuance was posted at a little over $30 billion, down by more than 50% compared with the same period in 2007, which was the slowest start to a year since the launch of the single European currency.

The article discusses the introduction of the hybrid capital market to the Japanese corporate sector. Bankers hope that the experiences companies in the U.S., Europe and other areas such as Australia have had will give Japanese corporates the confidence to take their first steps into the hybrid market. The advantage to issuers of including the mechanism is that it can make the hybrid more equity-like in the eyes of the rating agencies.

The article discusses issues related to an announcement by Moody's in February 2005 that it was changing its criteria for analyzing hybrid securities. The move was a key reason for the sudden interest in hybrid securities from corporates in Europe and the U.S. Teppei Takanabe, vice president at Goldman Sachs, says that the changes to Moody's methodology have also led to a reappraisal of the potential for hybrid securities by Japanese corporates.

The article focuses on the impact of the increased U.S. corporate bond offerings on the European market in 1966. The bond offerings increase interest rates abroad and postpone U.S. issues. Because of the situation, businesspeople abroad foresee the emergence of European restrictive measures on U.S. issues. U.S.-based companies such as Chrysler Corp. and Bankers Trust Co. are still lining up to borrow overseas.

The article reports on how the weak corporate bond market in Europe recovered with the aid of several well-received benchmark bonds as of June 2010, which was led by the three-tranche euro/sterling issue from the Mexican telecommunications firm America Móvil worth 2.5 billion euros. According to the author, the recovery of euro benchmark issuance was led by single-A names, which caused skepticism among corporate bond officials about the potential of lower-rated entities. Details of the recent triple-B deals are also discussed.

The article provides information on the 500 million U.S. dollar credit of Kazatomprom, which was launched on May 13, 2010. The borrower says that it has a strong liquidity but the pricing seemed attractive and it thought that it would be the right time to go out with the debut issue. According to bookrunners JPMorgan and BNP Paribas, they roadshowed the deal to the U.S. and Europe despite the highly volatile market conditions. Other important details of the credit are also provided including the maturity date, the rating and the spread at re-offer.

The article deals with the recovery of the corporate bond market in Europe following a global financial crisis from 2008 to 2009. It was noted that the corporate bond market managed to catch up with the loan sector that supports the financing strategies of companies. Wayne Hiley, corporate syndicate head at Barclays Capital, states the development of credit as an asset class in 2009 and as a substitute to equities and property. Eirik Winter, debt capital market head at Citi, explains the structural reform that occurred between bank and bond financing.

The article discusses the shift in the corporate funding model in Europe from loans to bonds. It states that the shift to a U.S. style funding system for corporate bonds has been recognized as a healthier model by loans bankers. According to Christopher Marks, head of debt capital markets Europe at BNP Paribas in London, England, the investor focus on the bond market at some point will need to be relaxed and give way to a wider range of asset classes, but they will remain conservative into 2010.

The article presents bookrunners' comments on sterling corporate bonds issued in Europe as of July 14, 2006. The thinking behind the Bancaja Emisiones SA Unipersonal issue was to take advantage of the significant supply from Spanish banks in the euro market. Demand for short dated floating paper from double-A rated issuers is strong and the rarity of the Canadian Imperial Bank of Commerce deal is a boon. Although the Deutsche Telekom International Finance BV deal was not fully subscribed, the transaction is expected to sell down over time.

The article focuses on the implication of the bid of Grupo Ferrovial for British Airport Authority (BAA) for the corporate bond market in Europe. Several bond investors expressed their disappointments as Ferrovial bid talk shows lack of leveraged buyout protection. Grupo Ferrovial has issued three bonds worth €2.85 billion to finance its airport takeover. Despite the trail of angry bond holders, shares in BAA rose 15% on February 8, 2006.

The article assesses the performance of the European corporate bond market in 2005 and the market outlook for 2006. According to Gary Jenkins, head of European credit research and fundamental strategy at Deutsche Bank, credit spreads were tight, and lower yields allowed issuers to bring funding at attractive levels in 2005. The downgrade of the credit ratings of General Motors and Ford had greatly affected the favourable issuance conditions in the first part of the year. Telecom Italia became the first corporate issuer to launch a 50-year deal in March.

The article reports that the corporate bond market in Europe surpassed the U.S. corporate bond market in 2006 by $500 billion. In 2002, U.S. corporate bond market was worth $100 million more than the European market, but regulatory overhauls in Europe cut transaction costs to U.S. levels. The unified European financial market is larger than the U.S. market.

The article reports that the problems of U.S. banks that invested heavily in Europe in anticipation of market growth. There has been a significant slowdown in the sale of risky financial instruments, from emerging markets to lower-rated corporate bonds. Europe's financial sector has been negatively affected by the collapse of Russia.

The article focuses on difficulties with creating of American-style capital markets and entrepreneurship in Europe. It talks about startup companies in several European Union cities and money raised by European venture-capital funds and compares it to their American counterparts. It mentions that the American corporate-bond market is three times larger than Europe's and comments that European companies rely heavily on banks which have curbed lending since the global financial crisis.

The article examines prospects for investing in European stocks in 2011. According to Paul Ehrlichman of Global Currents Investment Management, there is a need for people to ensure that they are investing in the right countries. It notes that a premium from corporate bonds will be required by investors amid continued turmoil in the market. Ed Devlin of Pacific Investment Management cites a competitive market and a skilled workforce as advantages of investing in Germany. INSET: OUR PICKS.

The article discusses the finances of the international banking industry, focusing on large banks in Europe. A loss of liquidity by banks in Europe caused by fears among financiers that the banks will suffer large losses on their holdings of euro area countries' public debts is examined. An increase in the spreads of credit default swaps on corporate bonds of large U.S. banks is discussed.

This article reviews a corporate bond launched by Banco Santander on October 18, 2010. Banco Santander, HSBC and Natixis served as bookrunners of the issue. The borrower recognizes the European distribution of the issue. The bank raised 500 million euros from the transaction. It also recommended a floating rate note to investors.

The article reports on the growing activity in the corporate bond market in the U.S. and Europe. Following the opening of the capital markets season after Labor Day, 28 deals were made in two days, amounting to 30 billion U.S. dollars. Some of the issuers were German hospital chain Asklepios, Total Capital and France Télécom.

The article reports that specialist management systems companies are competing to build multilateral trading facilities for corporate bonds in Europe in August 2010, which is part of an initiative by the Cassiopeia Committee. It says that the committee was created to offer common specifications for new electronic corporate bond trading platforms, which is part of the efforts to enhance the transparency of trading in the secondary market. One of the bidders is TradingScreens.

The article discusses the boom of U.S. bonds while the bond market in Europe struggles as of August 2010. It says that the U.S. dollar market is performing well with new business in contrast to the struggling euro denominated corporate bond market. According to the author, U.S. borrowers have decided to print record amounts of debt amid ideal borrowing conditions while the Europeans are still waiting for September 2010. The new pricing milestones reached by issuers such as McDonald's and IBM aside from new volume landmarks are also discussed.

This article reports on the plan of Norddeutsche Landesbank (NordLB) to issue a lower tier two bond in the European subordinated debt market in 2010. Crédit Agricole, Credit Suisse, Royal Bank of Scotland and UniCredit have been appointed as bookrunners of the bond. A syndicate banker disagreed with the timing of the deal. Other senior bankers were not optimistic about the deal. They also expressed concerns over potential changes to the bank insolvency regulation in Germany.

The article discusses the move by the European Central Bank (ECB) to make a portfolio of covered bonds available for lending. The ECB also urged the European Covered Bond Council (ECBC) to issue a consultation on post-trade price transparency in an attempt to enhance market liquidity. Some traders oppose the proposed post-trade reporting claiming that they would be at a disadvantage. DZ Bank analysts stated that the move by ECB is aimed at indicating that the bank considers the situation of the secondary market unsatisfactory.

The article provides information on corporate bonds issued by the firm OMV in Europe on February 2, 2010, including its rating, maturity and comments from its bookrunners.

The article focuses on a bond issued by the firm Instituto de Crédito Oficial (ICO) in Europe on February 3, 2010. The bond was worth one billion euros and was rated Aaa/AA+/AAA. According to the borrower, the bond was issued due to less volatility in the market. It adds that the bond has good demand from investors in Spain as well as other countries in Europe, Asia and the Middle East.

The article offers an outlook for the corporate bond market in the Europe in 2010. It states the potential for the corporate bond market to benefit continuously from the loan market's failure to offer debts that are needed at competitive prices. Some people in the industry predicted that bonds are unlikely to be selected as funding instruments for merger and acquisitions deal in 2010. Also noted is the likelihood for corporate hybrid bond transactions in this year.

The article offers an outlook for the bond market in 2010. It predicts that sovereign bond supply will remain high as public debt grow. It believes that the European corporate bond market will grow in 2010. It also notes that many deals will be forced into the market, pushing out spreads and crushing the recovery, should European Central Bank starts withdrawing its liquidity support.

The article offers information on the two billion euro transaction of the National Australia Bank (NAB). It is noted that the bank, which is said to be one of the few double-A names to maintain its ratings, has updated investors in Europe about their earnings. The bookrunners claim that the transaction is the second largest single tranche senior trade in 2009.

The article reports on a eurobond issue by Wal-Mart. Amounting to 1 billion euros, the 20-year bond became less attractive due to issues in secondary trading and the weakening of the European corporate bond market. The retailer opted for the European market in order to take advantage of the tight price available in euros and offer a longer deal than what can be issued in the U.S.

The article offers an outlook for the bond market in Europe in 2009. It notes that corporate bonds are providing a boost to the job prospects of credit analysts, but sales made direct to the public mean that the outlook for the market is not quite as smooth as all that. In 2009, the amount of high grade bond issuance has already exceeded the record for any previous full year in Europe.

The article focuses on Wind Telecommunicazioni's 2.7-billion-euro dual tranche bond issue. The B2/BB−/B+ issue from the Italian mobile operator was more than twice oversubscribed and is deemed to demonstrate the latent demand for high yield credit in Europe. The issue was comprised of a 1.25-billion-euro tranche at which traded at 99.0/99.375 from the issue price of 96.271 and a 2-billion-euro tranche at 101.125/101.625 from 97.492.

The article discusses the importance of the corporate bond market for investors in Europe. It states that the shift from bonds to loans in the region is patterned on the style funding system of U.S. However, in the case of Europe, banks have limited the amount of time they are exposed to corporate borrowers. It notes that bond takeout activity will grow particularly for merger and acquisition finance. It is observed that lending facilities in banks are becoming centralized while the generous benefits offered to corporate borrowers are being reduced.

The article presents a commentary on the euro bond issued by Citigroup on June 8, 2009. The transaction was all about re-establishing the name in the European market. Citigroup also wanted to capitalise on the recent improvement in risk appetite among European credit investors. It set guidance at 450 basis points (bp) and went with €4.75 billion of orders. It was able to tighten guidance and finally price the deal at 437.5 bp over, given the limited price sensitivity.

The author reflects on sustainability in the European corporate bond market. According to the author, investors are turning to the market which is evidenced by lack of supply to meet demand. The author asserted that followers of the corporate bond market also agree that the market is getting big. The author mentioned that a bubble is unlikely to happen.

The article reports on the performance of the corporate bonds market in Europe. It states that the deal from Swedish energy Vattenfall was oversubscribed by more than nine times, while the book on French pharmaceutical firm Sanofi Aventis' dual tranche transaction grew to over €22 billion. According to the article, although there are contraction of prices of new issues, the yields still offer good returns for investors as compared to other asset classes.

This article describes a Euro corporate bond issued by Lloyds TSB Bank on October 17, 2008. Lloyds, RBC Capital Markets and UBS served as bookrunners for the transaction. According to the bookrunners, the deal says a lot about the market and is extremely important in that it shows that banks have access to longer dated debt.

The article reports on the performance of the European corporate bond market in August 2008. A number of borrowers printed a total €8.85 billion of new bonds. For the first time in months, borrowers looked both to the short and long ends of the curve. The deals has made the best August for euro denominated non-financial corporate supply since the inception of the single currency in 1999.

This section offers news briefs on the European corporate bond market. Spanish electricity utility Union Fenosa has cancelled its planned &Euro;500 million (m) seven year issue in June 2008 amid deteriorating market conditions. French construction and telecoms company Bouygues has priced its first euro issues since May 2006. An eight year bond was issued by Anglian Water in the market.

The article presents an update on the European bond market as of June 6, 2008. Retailer Carrefour priced €1 billion of seven year paper at 70 basis points (bp) over mid-swaps. German electronics and engineering group Siemens priced a three tranche issue amounting to €3.4 billion, including €1.2 billion 5.25% long three year, €1 billion 5.375% six year, and €1.2 billion of 5.625% 10 year bonds. Deutsche Börse issued the first European corporate hybrid bond since July 2007, a total of €550 million of subordinated bonds.

The article reports that the global credit markets maintained its position in the face of a wave of volatility, triggered by the decline of two hedge funds run by Bear Stearns, which imploded as losses on subprime mortgage investments spiralled. Lenders to Bear Stearns attempted to liquidate the assets of the funds, which were once worth $20 billion. According to a syndicate banker, investors in west European corporate bonds were prepared to purchase paper through volatility as long as they get decent issue premium.

The article provides information on the euro-denominated corporate bonds issued as of February 23, 2007. The joint bookrunners for Air Products and Chemicals' deal are Deutsche Bank and BNP Paribas. According to bookrunners ABN Amro, Merrill Lynch and Société Générale, the bond issue of Bertelsmann did not get the same level of oversubscription as other recent trades. Cemex España is the guarantor of bonds from Cemex Finance Europe BV.

The article presents an update on corporate bonds issued in the European bond market as of January 26, 2007. A deal secured by Telefónica Emisiones has a target amount of Eu1.5 billion. Joint bookrunners for a Wienerberger transaction launched on January 25 were Deutsche Bank, Dresdner Kleinwort and Erste Bank.

The article offers information about corporate bonds in Europe. For BP Capital Markets, the deal was primarily sold to money market, traditional funds and retail investors. Investors saw the deal as a good opportunity to park money at the short end of the curve. The purpose for the new deal from AB SKF was to repay old debt.

The article provides information on different corporate bonds issued in Europe in 2006. Details of the bonds are mentioned, including amount, issue/re-offer price, and maturity dates. The article also provides the comments of the bookrunners managing the bonds. Some of the bonds issued in 2006 are cited, including European Investment Bank and Merrill Lynch & Co. Inc.

The article reports on corporate eurobond deals issued by several companies in Europe. Christian Dior SA launched a Eu150 million deal priced at 101.29. Glencore Finance (Europe) SA issued a corporate bond maturing on October 11, 2013. Telefónica Emisiones launched a bond deal priced at 100.00.

The article presents an update on the high grade corporate bond market in Europe. The British water utility Thames Water issued two £300 million inflation-linked bonds led by Barclays Capital and Goldman Sachs. British mobile telephone group Vodafone attracted approvals with its Eu850 million eight year floating rate note. British media group United Business Media will bring a debut issue after a roadshow, which will be led by Barclays Capital, HSBC and SG.