Covered Bonds
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Five covered bond deals were launched on the Monday preceding last year’s ECBC/Euromoney covered bond conference. The surfeit of supply caused spreads to widen which is unlikely to happen this year. But events away from covered bonds could still send the market wider.
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DBS Bank in Singapore has mandated leads for a roadshow to market its first euro-denominated covered bond, and the second from a Singaporean lender in euros. -
The European Central Bank is likely to face increasing challenges maintaining its covered bond purchasing rate over the longer term as it is beginning to run out of bonds to buy. However this should not be viewed as a deliberate attempt to taper, according to analysts at Citi research
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The head of funding and debt investor relations at Deutsche Pfandbriefbank (PBB), Götz Michl, talks to The Cover about why his bank has joined the European Covered Bond Council’s Label Foundation.
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Belfius Bank this week sold the first Belgian covered bond to price within a French covered bond. The deal also came with virtually no new issue concession.
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Unione di Banche Italiane’s (UBI) €1bn 10 year Obbligazioni Bancarie Garantite from Monday was priced tighter than UniCredit’s deal with matching size and tenor, even though demand was lower and the domestic bid greater.
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Compagnie de Financement Foncier (CFF) enjoyed a strong reception for the seventh 10 year covered bond in little over two weeks.
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Natixis Pfandbriefbank priced its debut publicly syndicated transaction on Wednesday after previously only issuing private placements.
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Bank of Nova Scotia issued the first sterling fixed rate covered bond in 18 months in a larger than expected size and at a funding level that was not possible in either euros or dollars.
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One or two covered bonds could be seen early next week before the European Covered Bond Council’s (ECBC) plenary meeting and the Euromoney covered bond conference. The market on Thursday, however, was waiting for the European Central Bank meeting amid hopes that the central bank will announce further stimulus measures.
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Bank of Nova Scotia has issued the first sterling fixed rate covered bond since March 2015. The positive yielding five year tenor proved a more appropriate maturity than the prevailing 2026 slot which euro issuers have crowded into and the funding was cheaper than a five year dollar covered bond.
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The German subsidiary of Natixis issued its first publicly syndicated covered bond on Wednesday, selling the 10 year issue mainly to German based investors.
