Covered Bonds
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Millennium BCP’s latest covered bond looked in good shape this morning given that the Portuguese bank has limited the size of its seven year issue to Eu1bn.
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Standard & Poor’s (S&P) today (Monday) issued a warning on the health of the UK banking sector in general, and UK mortgage-focused banks in particular, in light of the Northern Rock crisis and liquidity squeeze.
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Shellshocked by the unprecedented volatility in the covered bond market in the weeks ahead of Berlin, issuers set off to the Euromoney/ECBC conference with one goal in mind: justice.
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Luis Sánchez-Guerra, deputy general manager at Ahorro Corporación Financiera, has confirmed that a Eu2.95bn two year floating rate note launched off the AyT Cédulas Cajas Global programme yesterday (Thursday) has been retained for liquidity purposes.
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Breaking news: Bank of Scotland, formerly HBOS, has mandated Danske Bank, Dresdner Kleinwort, LBBW and Natixis for a euro benchmark covered bond issue to be launched and priced in the coming weeks. No further details were available at the time of going to press.
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Fitch affirmed Nationwide Building Society at AA- yesterday (Thursday), with a stable outlook. Nationwide’s covered bonds were unaffected, remaining at triple-A.
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Members of the ECBC’s committees have impressed us with their code of silence recently, but ahead of today’s meeting of the working group on market-related issues a stray e-mail hit our inbox showing that one banker, at least, has been asking investors what they think. Here is what the investor said.
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Swiss investors were offered only limited supply this week with taps from high quality issuers becoming an increasing norm.
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European capital markets specialists are facing the prospect that a new phase in the regulatory history of the market is about to begin, as a backlash against this summer’s debt market turbulence.
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BNP Paribas has priced its Eu2bn two year structured covered bond at mid-swaps plus 4bp. The initial price guidance was plus 5bp for the fixed size of Eu2bn and the deal has already tightened to 2bp over.