Covered Bonds
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Norway's Terra Boligkreditt sneaked into the market on Friday to sell its inaugural covered bond ahead of Sparebank 1’s debut in the euro market today (Monday), pricing a Sfr225m deal.
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Sparebank 1 Boligkreditt has closed the books on its inaugural covered bond and will price it at the tight end of guidance and the upper end of its size range later today (Monday) or tomorrow.
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At The Cover, we like to feel that we can, like sharks, smell blood from a mile away. And if we smell blood, we bite.
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Bradford & Bingley is believed to have raised £500m of two year funding only days after fellow UK bank Northern Rock was forced to turn to the Bank of England to secure an emergency credit line.
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Debutant and aspiring issuers have not been deterred from entering the covered bond market by the recent volatility, according to their representatives at the Euromoney/ECBC covered bond conference in Berlin.
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Here are the winners and runners-up in EuroWeek's Covered Bond Awards, which were voted on by the market and presented last (Thursday) night at the Hotel de Rome in Berlin.
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Updated - The European Covered Bond Council decided at its plenary session on Wednesday to set up a new group combining issuers and market makers to seek a solution to current market-making problems and tackle future crises.
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The ethernet at the InterContinental Berlin was buzzing last night as news of EuroWeek's inaugural covered bond awards spread through the world wide web like wildfire. Fortunately for us, a few fat, drunken thumbs sent stray e-mails into The Cover’s inbox.
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Concerns that Europe could be facing a housing market crash akin to the sharp falls in the US, as well as the chances of a severe global recession were played down in two keynote speeches at the Euromoney/ECBC conference in Berlin today (Thursday).
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While Nordic issuers have not been able to completely avoid the recent turmoil in the covered bond market, their credit quality and relative scarcity have served them well, and investors’ enthusiasm for their paper has enabled them to achieve funding levels as good as, if not better than, expected.