Primary market activity remains high

Weekly Credit Strategy Update

Summary

Spreads are largely unchanged from last week

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.

Download Full Weekly Credit Strategy Update

Published On Fri, Sep 18 2009, 12:44 GMT

About this Report

Danske Bank A/S

http://www.danskebank.com/

danskeresearch@danskebank.com

More Reports from this Contributor

Archive

Decent macro numbers and Q4 reports drive spreads tighter
Fri, Jan 27 2012, 10:37 GMT
Continued positive sentiment in credit markets; credit indices grinding tighter.
Fri, Jan 20 2012, 12:53 GMT
CDS indices have performed during the week
Fri, Jan 13 2012, 16:15 GMT
CDS indices are slightly up compared with year-end.
Fri, Jan 6 2012, 16:50 GMT
Big LTRO allotment should be positive for credit
Fri, Dec 23 2011, 14:18 GMT

Older Posts:

Advertisement

Legal disclaimer and risk disclosure

This publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. Danske Bank's research analysts are not permitted to invest in securities under coverage in their research sector.
This publication is not intended for private customers in the UK or any person in the US. Danske Bank A/S is regulated by the FSA for the conduct of designated investment business in the UK and is a member of the London Stock Exchange.
Copyright () Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.