LONDON –  Deutsche Bank AG (DB) has priced its EUR500 million, seven-year, covered bond at 22 basis points over midswaps, one of the banks running the deal said Wednesday. Credit Agricole SA, Deutsche Bank, Natixis and UniCredit SpA were the lead managers on the deal. The terms of the transaction are as follows: Amount: EUR500 million Maturity: March 1, 2019 Coupon: 2.125% Reoffer Price: 99.685 Payment Date: March 12, 2012 Spread: 22 basis points over midswaps Debt Ratings: Aaa (Moody's) AAA (Standard & Poor's) Denominations: EUR1,000 Listing: Frankfurt and Luxembourg Interest: … [Read more...]

Published February 22, 2012 Dow Jones Newswires LONDON –  Norway's Kommunalbanken has priced its GBP200 million, bond maturing in 2015 at 90 basis points over gilts, one of the banks running the deal said Wednesday. Initial guidance was in area of 90 basis points over the corresponding gilt. Deutsche Bank AG and Royal Bank of Canada were the lead managers on the sale. The terms of the transaction are as follows: Amount: GBP200 million Maturity: Dec. 15, 2015 Coupon: 1.375% Reoffer Price: 99.532 Payment Date: Feb. 22, 2012 Spread: 90 basis points over gilts Debt Ratings: Aaa (Moody's) … [Read more...]

(By Joung Park) Central bank purchases, particularly from the official sector in emerging economies, have been the largest single driver of higher gold prices during the past five years. This development is particularly notable as central banks had been net sellers of bullion since the 1980s. We believe central banks from emerging economies have been buying gold to diversify their foreign exchange reserves, while developed Western countries with large legacy bullion holdings now see gold as a strategic reserve asset and have accordingly halted their gold sales programs. We think gold holds … [Read more...]

BY ART PATNAUDE AND NEELABH CHATURVEDI LONDON—Fitch Ratings downgraded Greece's credit rating to C from triple-C Wednesday after confirmation of the country's second bailout package, which includes a debt exchange that will force bondholders to take a loss on their holdings of Greek debt. "The rating action is in line with Fitch's statement on 6 June 2011, which outlined its rating approach to a sovereign-debt exchange," the ratings company said. Fitch said it will lower its rating on the country's sovereign bonds to ... BY ART PATNAUDE AND NEELABH CHATURVEDI LONDON—Fitch Ratings … [Read more...]

NEW YORK (TheStreet) -- U.S. stocks were slipping Wednesday as the markets weighed weak manufacturing reports from Europe and China against a strong reading on the domestic housing market. The Dow Jones Industrial Average was off 39.4 points, or 0.3%, at 12,926. The S&P 500 was behind by 4.9 points, or 0.4%, at 1357. The Nasdaq was falling 14.6 points, or 0.5%, at 2934, down for the third day. Stocks posted a mixed close Tuesday as the Dow pulled off the 13,000 mark and the market gave Greece's second, €130 billion bailout package a tepid reception. "Earnings season is over and it … [Read more...]

In my last post, I wrote that I was watching the European bourses and the Hang Seng Index for signs of whether we are likely to see a continuation of the bull move or a consolidation period.The preliminary verdict is consolidation and correction. You can tell the short-term tone of the market by how it reacts to news. On the weekend, China unexpected cut reserve requirements by 50 bp. The Shanghai Composite rallied on the news, but the Hong Kong market was unable to hold its gains and finished the last few days beneath a key technical resistance level. In Europe, we saw the Greek bailout deal … [Read more...]

Updated with additional comment on Citigroup and with morning market action. NEW YORK (TheStreet) -- TheStreet has identified a select list of bank stocks still trading below tangible book value, despite the sector's strong year-to-date rally. Despite the banking sector's strong year-to-date returns, scores of bank stocks still trade below tangible book value, and analysts see a hefty payday down the line for patient investors. When considering the young year's amazing bank stock rally, it pays to consider an investor's timing. Yes, shares of Bank of America (BAC) were up 44% year-to-date … [Read more...]

(Story updated to add that Tata Motors' January vehicle sales rose 21%.) BOSTON (TheStreet) -- In a clear sign investor sentiment is now "risk on," historically volatile emerging market stock indices are generating double-digit gains this year because the U.S. and European equities are projected to offer slimmer returns. The benchmark MSCI Emerging Markets Index is up 16.4% this year, double that of the S&P 500 of the biggest U.S. companies, including 14% in the past 13 weeks. It hit a six-month high Monday. But indicative of how bad things were last year in the sector, the MSCI EM … [Read more...]