The Czech Republic has proved that the Euromarket is not exclusive to core eurozone sovereigns by pricing the tightest deal in central and eastern Europe in February 2012.
Latest articles from Joanne Hart
Thirst for Foster's boosts SABMiller deal
March 1, 2012SABMiller's need to finance its $12.3bn takeover of Foster's saw it issue a $7bn multi-tranche Yankee. The result defied even the most optimistic of expectations, with high demand seeing the brewer come close to refinancing its bridging loan of $8bn in one fell swoop.
ECB's LTRO gives Europe glimmer of hope
March 1, 2012After a harrowing 2011 for Europe's crisis-hit sovereign states – and the banks doing business within them – the European Central Bank's long-term refinancing operation has given the markets a much needed boost and offers hope for 2012. However, some still claim that it is little more than a sticking plaster for Europe's troubles.
Euro woes see institutional investors flock to 'safe havens'
March 1, 2012As the eurozone's struggles continue to dominate the headlines, institutional investors have flocked to what they perceive as 'safe havens', such as Europe's non-eurozone countries, emerging markets and the US, with even some eurozone-based corporates being considered a more attractive credit bet than their countries' governments.
Société Générale makes strong covered bond return
February 1, 2012Société Générale was a frequent issuer in the bond market until the conditions in the latter half of 2011 brought the Eurobond market to a standstill. So when investor interest was revived in the opening days of 2012, the French bank was quick to take the opportunity to tap the market, issuing a €1.5bn 10-year covered bond, which attracted investors from across Europe.
Eiffarie motors on with APRR bond issue
January 3, 2012When the Macquarie and Eiffage consortium, Eiffarie, won a controlling stake in APRR, the highly leveraged French motorway company, Eiffarie knew it needed to gain quick access to the market to refinance APRR's loans. Eiffarie's team established a €6bn euro medium term note programme, and then in mid-November 2011 decided to return to the market with a €500m four-year deal to help repay its outstanding acquisition loan. The result defied even the most optimistic expectations.
Will national regimes derail global recovery and resolution?
January 3, 2012Recent events show that the desire to put in place a global recovery and resolution regime to prevent the kind of government intervention that was required during the financial crisis is very much a work in progress. For banks it requires a tremendous amount of work and unprecedented transparency about their operations. For national regulators, it means forging agreements that bring together disparate insolvency regimes.
Working out a competitive edge in the Chinese onshore bond market
January 3, 2012China's onshore market has grown apace in recent years, driven by significant growth in its economy. Its increased size did not automatically lead to increased diversification, however, as the market remains dominated by government issues. Will new access rules and promising yields from corporate bonds lead to a more open market?
ABN Amro makes cautious but successful return
December 1, 2011ABN Amro has come a long way since RBS and Fortis, two of the Dutch bank's three owners, faced collapse in 2008. So when the senior unsecured debt market reopened in late September, the bank stepped forward to issue a €500m, two-year floating rate note, securing a good price, as it attempts to re-establish itself on the international market.
Eurozone troubles bring commodities market squeeze
December 1, 2011As the eurozone crisis rages on, the commodities markets, long reliant on European banks for financing, have been thrown into a state of instability that is having major repercussions across the industry.