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STRUCTURED FINANCE: Orion SIV BWIC Taken Down By Senior Noteholder
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EM BONDS WRAP: Relative calm comes too late for many issues
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EUROPEAN FIG BONDS WRAP: Bank of Ireland LT2 Exchange
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P&M;: ING appoints Bailes as head of syndicated finance sales
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P&M;: Rothschild appoints new FIG capital markets advisory head
Top stories
Gearing up for EFSF
The European Financial Stability Facility confirmed last week that it would issue its first bond in January – an issue of up to €8bn. The big question is what effect EFSF issuance will have on the remainder of the high grade sector. The impact could be very dramatic indeed if other sovereigns are forced into its hands in the way Ireland has been. Michael Winfield reports.
Renminbi fever builds as China sets new offshore benchmark
The People’s Republic of China last week set a series of new benchmarks in the booming offshore renminbi market as it priced a Rmb8bn (US$882m) sovereign bond in Hong Kong.
Pick ‘n’ choose
With at least 28 institutional deals hitting the US loan market last week and the pipeline building to bursting point for 2011, investors previously starved of deal flow are now hopeful that with supply buoyant lenders will be more discerning and deal terms will become more investor-friendly. Smita Madhur reports.
JBIC extends sovereign Samurai guarantees to crisis-hit EU
Eager to expand its Samurai guarantee facility, the state-owned Japan Bank for International Cooperation is in discussions with a number of EU member states, according to various sources in Tokyo.
November options surge
After five months of disappointing volumes at US options exchanges, with activity down or flat on 2009 levels, November volume bounced back to show a 33% increase over the previous year with more than 352m contracts changing hands, according to data from the Options Industry Council.
New Start for StanChart
Standard Chartered has closed the first CLO from its Start programme since 2008. The US$1.25bn synthetic transaction is not a funding exercise, but is designed to reduce the regulatory capital the bank has to hold against a portfolio of emerging market loans. Investors’ willingness to take exposure to the transaction’s mezz tranche is a testament to the performance of previous Start deals. William Thornhill reports.
Actions louder than words
There’s been plenty of sabre-rattling recently from investment banks about the future of the City of London amid greater regulation and rising taxes in the UK. But recent deals on new office space signed by some of these very same banks suggest they are in it for the long term, despite the rhetoric, as Justin Pugsley reports.
Comment: Keith Mullin
No time to be a hero in investment banking
Who’d be a bank strategist or risk officer at the moment, particularly at a second-line or regional investment bank/CIB with ambitions? The planning environment is in many ways more confusing now than it was during the crisis.
Up Front
Not much clearer
ECB intervention in peripheral bond markets finally gained some traction last week.
Painting a picture
Those once cheery souls at UBS are clearly down in the dumps. As usual, their corporate Christmas card this year features an art work from their collection. But this year, the painting (using gunpowder on canvas, no less) is a brown-grey splodge with the caption “Year after Year” written across it. It could hardly be more depressing. Perhaps the folk at UBS think that in the era of the Swiss finish such gloom is what they have to look forward to – year after year.
Actions louder than words
There’s been plenty of sabre-rattling recently from investment banks about the future of the City of London amid greater regulation and rising taxes in the UK. But recent deals on new office space signed by some of these very same banks suggest they are in it for the long term, despite the rhetoric, as Justin Pugsley reports.
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