Covered Bonds
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Caisse de Refinancement de L’Habitat (CRH) attracted a combined Eu2.8bn of orders across the two tranches of its new issue, although in common with other recent deals the short end proved more popular, with the issue only narrowly making it across the finish line at the long end.
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Ahorro Corporación Financiera’s Alex Sánchez-Pedreño turned quiz show host at the Euromoney Bond Investors Congress yesterday (Tuesday), presenting, for one day only, that Spanish housewives’ favourite, “How well do you know the Spanish savings banks?”.
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The leads have opened the books on Caisse de Refinancement de L’Habitat’s new two tranche deal this morning at 5bp over mid-swaps for the three year tranche and 11bp over mid-swaps for the 10 year.
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Sweden’s Nordea Hypotek AB is to return to the covered bond market, having mandated BNP Paribas, HSBC, Nordea Markets and UniCredit as lead managers for a new euro denominated benchmark from it Eu10bn covered bond programme. Two Portuguese issuers are gearing up for their scheduled roadshows, with the mortgage pipeline showing signs of getting moving again.
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The Association of German Pfandbrief Banks (vdp) is understood to be putting its weight behind calls for the introduction of an electronic trading system with an initiative of its own, and some market-makers are said to have already indicated a willingness to go ahead with such a plan, with the pay-back that they would be set to be rewarded with the lion’s share of mandates were the move to go ahead.
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The Federal Deposit Insurance Corporation (FDIC) has confirmed press reports that its chairman, Sheila Bair, is considering easing its stance on the interaction between covered bonds and the 90 day stay period in the US.
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Sparebank 1 Boligkreditt has priced its second covered bond, a Eu1bn long three year priced at 8bp over mid-swaps this afternoon. The Norwegian issuer was reported to be pleased with the balance of funding and pricing it had achieved in successfully placing its mortgage backed bond after a period dominated by public sector deals.
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Norway’s Sparebank 1 Boligkreditt has returned to the market today with a long three year benchmark sized deal. Coming after a period dominated by German sector Pfandbriefe, the deal is a further vote of confidence in the Norwegian issuer after it reopened the primary market in September 2007 with its inaugural deal.