Covered Bonds

Bank of China's received on Wednesday a provisional rating for its green secured bonds and leads have set initial price thoughts.

The newly established mortgage issuing subsidiary of Nordea Bank has mandated leads to roadshow its first deal from its Finnish programme.

Commonwealth Bank of Australia has announced a self-led multi-tranche Australian dollar covered bond for launch later this week.

A number of covered bond borrowers have this week what has become a rare opportunity to print shorter dated deals than have been possible in recent times. But if they want to beat the uncertainty surrounding the US presidential election next week, they will have to move over the next three days.

German Pfandbriefe have received a boost, according to Moody's from the German finance ministry, which is tightening lending standards in the country's housing market to counteract rising prices caused by the European Central Bank's accommodative monetary policy.

Caja Rural Navarra has mandated leads to roadshow an environmental and social governance (ESG) Cédulas Hipotecarias with an intermediate maturity.

Moody’s has assigned a provisional Aaa rating to Stadshypotek’s Danish covered bond programme. The issuer has three other programmes backed by Finnish, Swedish and Norwegian collateral. All four programmes are established under Swedish law.

Although many banks are emerging from blackout period, which is usually a positive for supply, several key central bank meetings could deter some issuers. Nevertheless, the recent rise in yields should lead to a re-opening of shorter maturity segments.

Fitch updated its covered bond rating criteria following a market consultation. Though the majority of ratings are left unchanged, there will be nearly four times as many upgrades as downgrades.

UBS announced that it has received the consent of investors to change the maturity terms of its covered bonds from hard to soft bullet.

Norddeutsche Landesbank (NordLB) and Deutsche Genossenschafts-Hypothekenbank (DG Hyp) issued tightly priced German Pfandbriefe that benefitted from a rise in yields this week.

Crédit Agricole issed a rare €500m 10 year public sector Obligations Foncières this week that was priced at the tightest spread for a French covered bond in more than a year and was the most highly subscribed in more than 18 months.