Latest Covered Bonds news

• BoQ covered debut ‘still in the works’

  

  After mandating leads on Monday, market participants expected Bank of Queensland’s (BoQ) debut covered bond would emerge on Tuesday. The deal’s absence from a quiet market led to speculation of a minor teething problem with leads confirming the deal is still being being worked on.

  • 12:45 PM

• Covered bond awards: nominations for voting shortlists requested

  

  GlobalCapital invites readers to nominate lead managers and deals for this year’s shortlists which will be voted on by the market from mid-July.

  • 26 Jun 2017

• Leeds extends covered curve as BoQ debut dawns

  

  Leads Building Society extended its covered bond curve by four years on Monday with a €500m seven year covered bond that was priced with little new issue premium. The transaction is expected to be followed by Bank of Queensland’s first covered bond.

  • 26 Jun 2017

• Econ committee sets out three tiers of covered bonds

  

  The European Parliament’s economic and monetary affairs committee (Econ) has voted on an own-initiative report on covered bond harmonisation and outlined a three tier approach to the asset class. The committee proposing distinguishing between premium covered bonds (PCBs), ordinary covered bonds (OCBs) and European Secured Notes (ESNs). The new categorisations are supposed to prevent regulatory cliff effects.

  • 23 Jun 2017

• Pfandbrief consolidation continues

  

  Amalgamation of the German covered bond sector looks set to endure as Berlin Hypothekenbank (Berlin Hyp) will potentially subsume Deutsche Hypothkenbank, a subsidiary of NordLB which it is considering selling. In a separate development, the cover pools of Westdeutsche ImmobilienBank (WestImmo) will be fused with those of Aareal Bank.

  • 23 Jun 2017

• Investors cut orders as covered inflection point feared

  Covered bond investors have begun to push back on aggressively priced deals, and with spreads close to the tightest in a decade there is a growing belief that they will widen.

  • 22 Jun 2017

• Nationwide reels in spread and investors for 15 year covered

  

  Nationwide Building Society issued a larger than expected €1bn 15 year covered bond at an optically cheap spread this week, through close to one interpretation of fair value. The huge book supported a 10bp tightening through the process, even though some investors withdrew their orders.

  • 22 Jun 2017

• BNZ secures solid covered outcome despite concerns

  

  Bank of New Zealand (BNZ) issued an oversubscribed €750m seven year covered bond this week, meeting its size and spread ambitions despite concerns about the outlook for spreads.

  • 22 Jun 2017

• Finnish minnow enjoys resilient demand

  

  The Mortgage Society of Finland's deal on Tuesday was not among them however, coming as it did with a a wider spread than usual.

  • 21 Jun 2017

• Investors positive on Kommunalkredit following S&P rating

  

  Kommunalkredit, which recently had its public sector covered bonds rated A with S&P, has received positive investor feedback whilst marketing its social covered bond this week.

  • 21 Jun 2017

• Demand for Aegon's covereds tops HVB's

  Aegon Bank returned to the market on Tuesday to issue its first and probably only covered bond deal of the year. Despite the more challenging conditional pass through 10 year maturity, the transaction attracted a much deeper well of demand than a competing six year bullet maturity offered by UniCredit’s German subsidiary, HVB.

  • 20 Jun 2017

• Sparbol finds covered demand, despite competition

  

  Sparebank 1 Boligkreditt found solid demand for its €1bn seven year on Monday, even though the transaction vied for investors’ attention with another deal in the same maturity.

  • 19 Jun 2017

• ‘No upside in waiting’ for covered funding

  

  Crédit Agricole SFH seized an opportunity to issue its fifth covered bond benchmark of the year on Monday and, by pricing flat to its curve, it showed there was little reason to wait for better execution conditions this year.

  • 19 Jun 2017

• Covered bond final flurry expected ahead of summer slowdown

  

  Bankers expect two or three deals to emerge next week to take advantage of a strong market with no major events due that could cause disruption. It is the perfect window for those with a need to push on with their funding requirements before the onset of summer when execution can become trickier.

  • 16 Jun 2017

• Kommunalkredit plans first public sector social covered

  

  Recently de-merged Kommunalkredit Austria (KA) has mandated leads to roadshow the first social covered bond ever to be issued from a public sector programme, and the first green bond from Austria. Rated Baa2, it is also set to be one of the weakest credits in the covered bond universe.

  • 15 Jun 2017

• TD Securities brings in euro trader for SSAs and covered bonds

  

  TD Securities has hired a trader to cover the euro SSA and covered bond markets, adding euro capacity to a bank that has focused mainly on dollars and other currencies so far.

  • 14 Jun 2017

• Deutsche Hypo scrapes over Pfandbrief finishing line

  

  Deutsche Hypo managed to attract only a just subscribed order book for its €500m eight year covered bond this week, despite paying an attractive new issue premium. Bankers on the deal dismissed concern that uncertainty over the issuer’s future ownership had worried investors and blamed market conditions instead.

  • 14 Jun 2017

Covered Bonds news archive