Covered Bonds
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Compagnie de Financement Foncier has opened the books for the longest dated jumbo covered bond since the credit market volatility shut the market down in mid-August.
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Standard & Poor’s has assigned a triple-A rating to Dexia LdG Banque’s public sector covered bonds and shown how the Luxembourg-based issuer is taking advantage of the jurisdiction's relaxed eligibility criteria.
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The week is poised to serve as both the calm before and after the storm. After a busy Thursday and Friday trading in the secondary market has settled down.
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Swedish bank SEB is to issue its debut euro covered bond.
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Last Monday (October 1) one syndicate manager said that the varied committees of the European Covered Bond Council charged with tackling the issue of market-making reminded him of the People’s Front of Judea. -
Alliance & Leicester has set up Alliance & Leicester Covered Bonds (LM) Ltd, prompting speculation that it is getting closer to launching its long awaited covered bond programme.
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Millennium BCP will be reminding investors of Portugal’s recently introduced covered bond legislation and the country’s modest house price growth when it embarks on a roadshow next week ahead of a new issue.
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Depfa ACS Bank reopened the dollar covered bond market today with a $2bn three year benchmark, albeit in Eurobond format rather than targeting US accounts.
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Caisse de Refinancement de l’Habitat (CRH) has completed a Eu700m increase to its October 2015 issue on the back of a Eu1.2bn order book. Guidance started at 7bp over mid-swaps and was tightened to plus 6bp three and a half hours after books opened this morning.
