Latest Covered Bonds news

• BMO ends Canadian euro drought

  

  Bank of Montreal (BMO) became the first Canadian name to issue a covered bond in euros since March with a €1.5bn trade on Thursday.

  • 19 Oct 2017

• Helaba taps bond with ‘no hurdles’

  

  Helaba faced few difficulties on Thursday with a €250m tap of a ten year bond.

  • 19 Oct 2017

• SP Mortgage Bank broadens net catching new covered bond investors

  

  SP Mortgage Bank’s second covered bond brought in many new investors enabling the transaction to price inside interpolated fair value. With more buyers chasing this name and more trading desks expected to quote it, SP’s curve has a fair chance of repricing tighter.

  • 17 Oct 2017

• Investors chase KBC’s covered ‘with fervour’ despite large price revision

  

  KBC Bank took full advantage of limited Belgian covered bond supply this year to radically tighten pricing for its first deal of the year, only the second Pandbrieven of 2017.

  • 17 Oct 2017

• Eurobank to follow NBG with duplicate three year covered bond

  

  Eurobank Ergasias has mandated leads for a roadshow, marketing a near replica transaction of National Bank of Greece’s (NBG) three year conditional pass-through that was issued last week.

  • 16 Oct 2017

• MuHyp swipes €250m of super-cheap long Pfandbriefe as SP readies

  

  Muenchener Hypothekenbank (MuHyp) doubled the size of its 10 year Pfandbrief tap despite pricing it at extremely tight levels, as SP Mortgage Bank announced plans to proceed with its second ever benchmark. Unlike SP's debut last year, the new deal will probably be priced through mid-swaps.

  • 16 Oct 2017

• Covered bond investors weigh Catalan, Greek and Portuguese risks

  

  Covered bond investors are stoical on the outlook for Catalonia and prospective asset tapering. But one was less enamoured with deals issued this week by National Bank of Greece and Caixa Económica Montepio Geral.

  • 13 Oct 2017

• NBG covered bond shows sub-IG future

  

  National Bank of Greece showed this week that a covered bond does not need to have an investment grade rating to be a success. By implication the product has almost unlimited funding potential for a broad swathe of global issuers, particularly those from the emerging markets, writes Bill Thornhill.

  • 12 Oct 2017

• KHFC hits covered bond road

  

  Korea Housing and Finance Corporation (KHFC) has mandated lead managers to arrange a roadshow for an Aa1 rated five year dollar covered bond.

  • 11 Oct 2017

• NBG covered bond does not include put option

  

  The National Bank of Greece’s €750m three year conditional pass through (CPT) covered bond does not include an investor put option. Although the programme allows for put options it was not used in this week’s deal and is unlikely to be used in future deals, according to the head of covered bond structuring at UBS which arranged the transaction.

  • 12 Oct 2017

• Montepio manages mountainous covered demand

  

  Caixa Económica Montepio Geral this week attracted strong demand for its first covered bond since 2009 and the first ever Portuguese deal with a conditional pass through (CPT) maturity.

  • 09 Oct 2017

• NBG’s covered bond success does little to diminish Greek grief

  National Bank of Greece’s ability to attract a high oversubscription for its three year covered bond on Tuesday showed it is on the road to recovery. But without sovereign debt relief, the precarious state of Greece’s government finances will continue to blight the economy and its fragile banks.

  • 10 Oct 2017

• ASB extends covered curve with tightest price yet

  

  ASB Finance reaped the rewards of a comprehensive roadshow and strong market conditions to issue its tightest and longest covered bond ever this week.

  • 09 Oct 2017

• Certain covered bonds may not be eligible for LCR, says EBA

  

  Covered bonds secured against assets that are not compliant with the capital requirements regulation’s (CRR) definition of covered bonds should not be eligible for liquidity coverage ratio (LCR), according to the European Banking Authority (EBA) — a view that is at odds with current market practice and the Commission’s Delegated Act.

  • 02 Oct 2017

Covered Bonds news archive