Latest articles from Edward Russell-Walling

Leave them wanting more

May 2, 2005

Edward Russell-Walling reports on what is likely to be Sampo Bank’s last conventional bond issue before it enters the covered bond market.
It was a case of April showers in the bond markets, as the General Motors downgrade dampened investor enthusiasm for non-government issues.
Finland’s Sampo Bank stayed out of the wet, however, with a nicely judged €500m offering that was nearly twice oversubscribed.

BNG moves into new pastures

April 4, 2005

Growing funding needs led Bank Nederlandse Gemeenten to shift its focus from the retail to the institutional market. Edward Russell-Walling reports on this and the bank’s strategic benchmark programme.

Barcap strengthens reputation with pioneering VTB deal

April 4, 2005

Barclays Capital confirms its presence in Russia’s bond markets with its role as joint bookrunner in the country’s first ever public issue of subordinated debt.
Edward Russell-Walling reports.

JP Morgan finds a solution that Bites

March 7, 2005

In a highly complex equity and debt transaction for Allianz, JP Morgan reworked instruments called Miles to devise a more flexible way for the insurer to deleverage its unwanted equity holdings. As Edward Russell-Walling reports, the solution was found when the two firms put their heads together.

KfW innovates with equity-linked bond

March 7, 2005

Germany’s KfW is once again breaking new ground, this time with an uridashi exchangeable bond. Edward Russell-Walling explains.
The word ‘unique’ is often used less than scrupulously. Yet as banks go, Germany’s state-owned Kreditanstalt für Wiederaufbau (KfW) really is one of a kind. As a vehicle for the country’s economic and social policy, it has become the largest financial issuer in Europe.

Complex operation leaves insurer in rude health

February 2, 2005

HSBC financial institutions group’s capital-raising transaction for health insurer Bupa was complicated – but that did not faze the team in its efforts to coax bondholders out of old stock and into the new, writes Edward Russell-Walling.

As safe as houses

February 2, 2005

Edward Russell-Walling examines the move by HBOS to create a social housing covered bond and its attractiveness to European investors.Any half-decent treasury textbook warns of the need for diversification of funding sources. Few advise the creation of a new asset class, although that has not discouraged HBOS. Last December, the bank carved out new territory in the sterling debt market with a £3bn programme of covered bonds secured on loans to housing associations. Enter stage left the “social housing covered bond”, a hitherto unknown species of debt.

Banks open their doors on to the world of Islamic finance

February 2, 2005

Islamic bond issuance is growing from an investor-driven market into one which is issuer-driven and there are strong signs that it is becoming more that just a niche market, says Edward Russell-Walling.
This year’s first sukuk, or Islamic bond, has already come to market – a $600m five-year sovereign issue from Pakistan. It will not be the last. As 2005 got under way, various London bankers and lawyers were beavering away on at least three other international Islamic deals.

Lloyd’s takes long route to market

January 3, 2005

After 300 years, Lloyd’s of London has issued its first bond to improve its capitalisation and its ratings – underlining the venerable market’s modernisation. Edward Russell-Walling reports.
History seemed to be catching up with itself when one of the world’s oldest markets knocked at the door of one of its youngest in search of capital. Yet Lloyd’s of London is such a unique credit, with such a stormy recent past, that corporate bond investors needed some convincing. It has taken Lloyd’s a little over three centuries to issue its first – and highly successful – bond, raising the equivalent of £500m in lower Tier 2 capital.

Corus of approval as bond issue is deemed a success

December 1, 2004

Anglo-Dutch steel maker Corus is enjoying an upturn in fortunes, as signalled by its latest deal. Edward Russell-Walling reports.
All companies have bad patches, but steel makers’ bad patches tend to be more nerve-wracking than most. So when Corus’s first straight bond issue in September attracted bids worth eight times the available paper, it was very public recognition that the good times are returning for the Anglo-Dutch steel company.

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