By Serena Ruffoni
Buoyant conditions in European credit markets, with yields and
volatility receding, once again resulted in a healthy flow of new
bond deals in the market.
Sovereigns, banks and corporates were all in the market
borrowing money, while the secondary market was quiet but
moderately positive.
Here's a rundown of how the credit default swap market stands,
what hit the market today, and what's coming up soon.
CDS:
Europe: 1 BP tighter at 119 BPs
Crossover: 5 BP Tighter at 482 BPs
NEW ISSUES
SOVEREIGNS
Turkish treasury said Tuesday it has mandated Bank of America
Merrill Lynch, HSBC and RBS for the reopening of its dollar
denominated notes due January 2041.
The Kingdom of Morocco plans a 10-year dollar-denominated
benchmark-size bond.
Morocco is rated BBB- by Standard & Poor's and BBB- by Fitch
Ratings.
FINANCIALS
Italian bank UniCredit SpA (UCG.MI) is planning to issue a
five-year senior unsecured euro bond.
UniCredit is rated Baa2 by Moody's, BBB+ by Standard and Poor's
Corp., and A- by Fitch.
CORPORATES
Mining giant Rio Tinto PLC (RIO.LN) is planning a sterling and
euro-denominated bond.
The bond will be issued through Rio Tinto Finance PLC and is
expected to be rated A3 by Moody's Investors Service and A- by
Standard & Poor's.
German retail group Metro AG (MEO.XE) is planning a 500 million
euro ($651.7 million) bond, maturing May 2018.
The issuer is rated Baa3 by Moody's Investors Service and BBB-
by Standard & Poor's.
German mail services group Deutsche Post AG (DPW.XE) plans a
two-part senior unsecured euro bond,
The issuer is rated Baa1 by Moody's and BBB+ BY Standard and
Poor's Corp.
-By Serena Ruffoni (Sarka Halas, Ben Edwards and Yeliz Candemir
contributed to this report)