Covered Bonds
-
-
Canadian Imperial Bank of Commerce’s planned covered bond programme will be backed solely by mortgages insured by Canada Mortgage & Housing Corporation, making it the country’s first public sector-backed issuance, in a sign of how banks are adapting their issuance to the new market environment.
-
The European Covered Bond Council’s plenary session this morning is said to have involved a “full and frank” discussion of the Packmohr Plan. Some 23 responses were summarised and the proposal debated, but this merely “hid the fundamental split into two camps”, according to one person present, with no hint of a solution in sight at the end.
-
SEB AG popped up with a Eu1bn two year public sector Pfandbrief today (Thursday), showing that German issuers can even go so far as to launch retention deals in today’s market. Meanwhile, Berlin-Hannoversche Hypothekenbank’s final allocations showed that two thirds of its paper was placed domestically.
-
Canadian Imperial Bank of Commerce plans to roadshow a new covered bond programme early in the second quarter, following in the footsteps of not only those officially in the pipeline, but a variety of other issuers who have been visiting investors but adopting a lower profile.
-
Some market participants are concerned that the policy statement that the Federal Deposit Insurance Corporation is drafting could be too restrictive on the amount of covered bonds US banks can issue. Meanwhile, the American Securitisation Forum has been lobbying the regulator to put forward the product’s case.
-
Berlin-Hannoversche Hypothekenbank shrugged off the turbulent markets to build an oversubscribed book for its mortgage backed jumbo this morning, with March looking set to follow February’s picture of a primary market where Germany and the top French names hold sway.