Covered Bonds
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Nordea Mortgage Bank (NMB) has successfully issued its first deal. The choice of tenor, along with the issuer’s strong credit profile, and strong sentiment towards the Nordic region, were instrumental in achieving the positive outcome. -
BBVA struggled to sell its €1bn Cédulas Hipotecarias issue on Monday because the maturity was too long and because of further rates volatility.
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The sharp rise in yields that followed this week’s US election has improved yields bringing the five year tenor back into play in covered bonds. But the sell-off in OATs has left French covered bonds overvalued at the long end.
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Commonwealth Bank of Australia drew strong demand for its five year Australian dollar covered bond tranches, but its 10 year was without doubt a struggle.
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Sp Mortgage Bank, the central bank for Finnish savings banks, has mandated joint leads for a European roadshow to market its first covered bond.
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National Australia Bank issued a rarely seen five year sterling denominated covered bond and showed a path that others may follow. It also sold a seven year senior deal in euros.
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The German Pfandbrief issuer ING-DiBa quickly executed a €500m 10 year mortgage backed deal on Tuesday, hours before US election headlines hit the screens, even though it had not been in the market since 2012.
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Sp Mortgage Bank, which is the central bank for Finnish savings banks, has mandated joint leads for a European roadshow to market its first covered bond.
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Bank of China has racked up another first with the inaugural green covered bond from the mainland. The deal’s unique structure garnered international attention, supporting the country's pursuit of leadership in green bonds.
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The FIG market looked set to shrug off Donald Trump’s surprise victory in the US presidential election on Wednesday, and bankers were optimistic that new issuance could restart in a matter of days.
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Covered bond spreads held firm as Donald Trump unexpectedly won Tuesday night's US presidential election. But, with many participants anticipating much greater US fiscal stimulus, rates markets could yet be roiled.
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The German Pfandbrief issuer quickly executed a €500m 10 year mortgage backed deal on Tuesday hours before US election headlines hit the screens, even though it had not been in the market since 2012.
