Latest articles from Edward Russell-Walling

‘Operation Big’ heralds the era of hybrid capital

August 1, 2005

Corporates’ historic avoidance of hybrid capital is giving way to enthusiasm following a change of heart by rating agencies. Now Sweden’s Vattenfall is leading the charge with a groundbreaking deal, structured by Citigroup. Edward Russell-Walling explains.

Pragmatism eases path to exchange

August 1, 2005

Slough Estates faced a few hurdles in its plans to replace old bonds with current-value new bonds. But, as Edward Russell-Walling recounts, the investors recognised a good deal when they saw it.

Chris Shawyer

August 1, 2005

Lloyds TSB has risen to dominate the UK syndicated loan market since Chris Shawyer became its capital markets chief but he admits it will be tough to stay at the top, writes Edward Russell-Walling.

Diversifying move pays off

July 4, 2005

Compagnie de Financement Foncier is making fast progress in its plans to raise €12bn this year. Its $1bn short-dated issue, aimed at diversifying the investor base, appealed strongly to Asian central banks, Edward Russell-Walling reports.
Asian investors feel increasingly at ease with covered bonds and are developing quite an appetite for the product, as Compagnie de Financement Foncier (CFF) was delighted to discover with its recent $1bn three-year offering.

Blockbuster bond issue makes stars of bankers

July 4, 2005

In just one week, the hit team – drawn from Deutsche Bank, Goldman Sachs and Morgan Stanley – devised a strategy, pricing, timing and a script for pricing conversations with investors that made Germany’s $5bn bond issue sell like hot strudel, reports Edward Russell-Walling .

Decade of daring deals puts DrKW in pole position

June 6, 2005

This year is the 10th anniversary of the jumbo pfandbrief. Famous for its security, its past is more chequered than you would imagine. Edward Russell-Walling talks to Dresdner Kleinwort Wasserstein, which has been a top three player since the market started.

Dutch play longer instruments

June 6, 2005

The Dutch State Treasury Agency has responded quickly to increased demand for longer dated bonds to boost liquidity, Edward Russell-Walling reports.
The long end of the bond market is receiving more attention from issuers than it has done for some years.

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.

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