Covered Bonds
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BNP Paribas extended its covered bond yield curve with the launch of its third such issue, a Eu2.5bn seven year issue that was increased on the back of strong demand.
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Dexia Municipal Agency recovered its poise in the dollar market this week with the launch of a five year obligations foncières issue that was increased from $1bn to $1.25bn.
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La Caixa and Banco Bilbao Vizcaya Argentaria are expected to price their new covered bond issues at the wide end of guidance today (Friday) in a weak cédulas market.
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NordLB Covered Finance Bank launched its debut lettres de gage publiques issue this week in a $500m 10 year issue led by JP Morgan and RBC Capital Markets.
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A Eu1.545bn 20 year AyT Cédulas Cajas issue found itself swimming against the tide this week, as covered bond investors proved resistant to taking on long dated paper.
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The Bank of Italy has finally put in place the last piece of legislation required for Italian banks to issue covered bonds, establishing a framework less restrictive than initially feared.
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SNS Bank will be joining ABN Amro and Achmea Hypotheekbank in issuing structured covered bonds, having mandated the former to arrange its programme.
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Compagnie de Financement Foncier became the latest covered bond issuer to take advantage of the very tight levels at the short end of the curve yesterday (Thursday), selling a Eu1bn two year obligations foncières issue.
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Washington Mutual finally followed up its Eu4bn two tranche debut covered bond of September this week, launching a Eu2bn seven year issue that filled out its yield curve.
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Depfa ACS Bank had the jumbo covered bond market to itself this week, launching a Eu1bn December 2009 issue outside its benchmark programme to target German accounts.
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Bayerische Landesbank tested the limits of the tight levels German issuers can achieve in the jumbo Pfandbrief market this week with a Eu1bn five year public sector backed deal that met with resistance.
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OP Bank Group, the Finnish co-operative banking group, plans to become the third issuer from the country to enter the covered bond market.