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Weekly Credit Strategy Update
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Primary market activity remains high
Fri, Sep 18 2009, 12:21 GMT
by Danske Research EmergingMarkets Team
Summary
Spreads are largely unchanged from last week
Primary market activity remains high
Latvia’s parliament has voted against further taxation, rejecting part of its agreement with the EU and IMF
Swedbank has announced a buyback of subordinated debt
iTraxx indices will roll on Monday
Headlines from the credit market this week
CDS spreads are largely unchanged from last week. The investment grade CDS index, iTraxx Europe currently trades at 86bp and the high yield index, iTraxx Crossover, at 530bp. Following some confusion two weeks ago regarding a missed call by Santander of a LT2 bond, the bank has announced it will call the bond at its next call date (December). Apparently, the missed call was due to an administrative error as Santander claimed at the time.
The primary market remained busy this week. In the Nordic region Nordea made a USD Tier 1 issue and SEB a 3Y senior issue. Also significantly, the increasing number of nonrated companies now approaching the market demonstrates current favourable primary market conditions.
Published on Fri, Sep 18 2009, 12:44 GMT
Archive
- CDS indices remain range bound
Published On Fri, Nov 6 2009, 13:28 GMT - High spread volatility on the back of mixed economic news from the US
Published On Fri, Oct 30 2009, 18:24 GMT - The trend continues as spreads go gradually tighter
Published On Fri, Oct 23 2009, 10:49 GMT - Macroeconomic disturbances hurt markets
Published On Fri, Oct 2 2009, 12:32 GMT - Spreads are slightly tighter in an uneventful week
Published On Fri, Sep 25 2009, 09:40 GMT
Danske Bank
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http://www.danskebank.com/ | danskeresearch@danskebank.com
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