Covered Bonds
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Norway’s Storebrand Kredittforetak priced its debut euro issue yesterday (Wednesday) afternoon, a Eu500m two year issue. The deal attracted strong demand from Scandinavian accounts.
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BNP Paribas priced a new Eu1.5bn five year covered bond yesterday (Wednesday) afternoon after the leads decided that the strength of the order book would allow them to price a deal above the Eu1bn level that several other issuers have recently been restricted to. Bankers are now looking forward to what could be achieved next week.
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UK lender Bank of Scotland has sold a securitisation of residential mortgages to end investors for the first time since the credit crisis took hold.
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BNP Paribas has decided to take the plunge into the primary market where Caisse de Refinancement de l’Habitat proved unwilling, opening books on a new structured covered bond this (Wednesday) morning.
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Norway’s Storebrand opened books on its non-benchmark euro debut this (Wednesday) morning, with the deal expected to price at the upper end of its size range this afternoon.
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After its second jumbo Pfandbrief yesterday (Wednesday), The Cover spoke to Deutsche Postbank about what the deal says about the issuer’s standing with investors, and about the bank’s plans for the remainder of the year.
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Moody’s last (Tuesday) night cut the rating of Washington Mutual’s covered bonds from Aa1 to A2. The action follows downgrades by Moody’s that in March left WaMu Bank’s senior unsecured rating at Baa2.
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Deutsche Postbank priced a Eu1bn seven year mortgage backed deal this morning at the bottom end of size expectations. But while the pricing might not have excited investors, it provided some relief to other Pfandbrief issuers in the pipeline.
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Attempts to keep up the busy pace of the primary market of the past month were stymied this morning for fear of upsetting a delicately poised market. On the basis of soft-sounding, at least two potential issuers are unlikely to risk a new deal failing due to a lack of demand, as the senior market continues to capture the attention of investors.
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