Covered Bonds
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A higher-than-expected take-up of the ECB’s final round of Targeted Longer-Term Refinancing Operations (TLTRO II) could hurt supply in covered bonds, with some analysts downgrading their expectations following Thursday’s announcement of the results. -
A new seven year euro deal from Toronto-Dominion Bank drew in a healthy book on Thursday, as investors continue to show strong demand for Canadian names.
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PKO Bank Hipoteczny launched the first Polish euro benchmark covered bond of the year on Thursday, with pricing grinding slowly tighter after a steady bookbuilding process.
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DNB Boligkreditt’s venture into the dollar market was successful on Tuesday, with the bank drawing almost $2.6bn of demand for the deal, allowing it to pull in pricing below guidance.
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Yorkshire Building Society mandated banks for its first covered bond since November 2015 on Wednesday, joining a host of other issuers, as a diverse pipeline of deals builds up.
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The FIG primary market made a roaring start this week and looked set to remain busy despite some softness on Wednesday morning.
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Three covered bond issuers took advantage of the post-Dutch election window on Tuesday to issue covered bonds in euros and dollars, with some aggressive price tightening seen in the euro market.
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Hypo Noe is embarking on the second week of its new deal roadshow this week, as the bank looks to roll out a new soft bullet structure for its covered bonds.
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A pair of issuers from Australia and New Zealand have announced they will take new euro deals on roadshows at the end of the month.
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ABN Amro took advantage of the more positive mood that followed Dutch elections and its earnings results to tap its existing 20 year by €750m to make the transaction the largest outstanding deal in that maturity.
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WL Bank took advantage of strong funding conditions — and a reverse enquiry — to issue a tightly priced 20 year public sector backed Pfandbrief on Thursday, the longest covered bond from Germany this year. The transaction follows the announcement of plans to merge the cover pools of WL Bank and DG Hyp.
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BNP Paribas Fortis issued Belgium’s first covered bond of the year on Thursday, taking advantage of the strong market conditions that followed Dutch elections to price a €500m seven year with a tiny new issue concession.
