Covered research round up: new German issuer; larger Canadian programmes; NordLB downgrades
The first German building society is poised to enter the Pfandbrief business, two Canadian banks have substantially increased the size of their covered bond programmes and prospective downgrades of NordLB’s covered bonds may not necessarily lead to a spread widening said analysts at Commerzbank, UniCredit and Citi this week.
On Wednesday this week Wustenrot Pfandbriefbank transferred its Pfandbrief business to Wustenrot Bausparkasse which, according to Commerzbank analysts, makes it the first German building society to enter the Pfandbrief business.
The analysts expect the bank, that has capacity to issue covered bonds rated AAA with Standard
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