Covered Bonds
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Dexia Kommunalbank is this (Wednesday) afternoon expected to launch the first 10 year covered bond since Caisse de Refinancement de l’Habitat at end of February, having mandated Deutsche Bank, Dresdner Kleinwort, DZ Bank and Landesbank Baden-Württemberg for the new issue.
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Glitnir Bank ASA, the Norwegian arm of the Icelandic-headquartered banking group, has met all its refinancing needs for the year through the sale of Nkr7bn (Eu890m) of covered bonds by BN Boligkreditt.
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Caixa Galicia opened books on a new cédulas this (Wednesdy) morning, and followed in Bankcaja’s lead in targeting a size of Eu500m-Eu1bn. As expected, the price guidance selected also puts it in the same space as Bancaja and Caixa Catalunya, rather than the tighter BankInter’s range, as clear tiers emerge in the Spanish primary market.
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In brief: Barclays Capital, BNP Paribas and Dresdner Kleinwort have opened the books for a Eu1bn three year new issue for Swedbank with guidance of 14bp-15bp over mid-swaps. Meanwhile two new names, from France and Germany, have joined the pipeline.
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Santander Totta priced its debut covered bond this (Wednesday) morning, a Eu1bn three deal that was regarded as correctly pitched in terms of pricing, and reinforced the stability of re-offer levels in the primary market. (Updated to include issuer feedback.)
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Members of the European Covered Bond Council are meeting tomorrow (Wednesday) to consider an electronic platform to bring the market into the 21st century, but some investors believe that issuers and intermediaries should be focusing on more immediate issues, namely restarting inter-dealer market-making today.
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Portugal’s Santander Totta opened books this (Tuesday) morning on its debut covered bond, a Eu1bn three year deal. The manner of its execution stands in marked contrast to the new issues of the last fortnight, but the tactic appeared to have paid off with the deal fully covered by midday in London.
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