Covered Bonds
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UniCredit Italy took advantage of constructive conditions and scarce Italian covered bond supply to launch a 10 year and got a well oversubscribed order book, paying little new issue premium on Wednesday -
The FIG market showed little sign of restraint into the final week of August as a plethora of borrowers launched trades across the capital stack.
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National Australia Bank is seeking the consent of investors to change the terms of four covered bonds denominated in a range of currencies, for which it will pay a fee.
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UniCredit in Italy has mandated leads for the fourth 10 year covered bond of the week, but unlike the others it will offer a double digit return over mid swaps.
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Deutsche Bank is set to issue the third German Pfandbrief of the week after mandating leads for an ultra-long benchmark. Meanwhile, Deutsche Pfandbriefbank (PBB) has priced the fifth dollar Pfandbrief of the year.
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Sparebank 1 Boligkreditt on Tuesday followed Commerzbank into the covered bond market. By coming 20bp back of Commerz, the Norwegian sale was much smoother.
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Commerzbank and Sparebank 1 Boligkreditt have mandated leads for 10 year euro covered bond benchmarks after WL Bank issued a 10 year on Monday. Deutsche Pfandbriefbank is due with a dollar-denominated Reg S covered bond benchmark, while the main supply in capital comes from DBS Bank.
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With a coupon of 0.10%, Monday’s €500m Pfandbrief from WL Bank had the lowest ever coupon on a benchmark 10 year covered bond — a result which Commerzbank was expected to follow.
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French issuers could be drawn to opportunistic covered bond trades in the next few weeks, with French deals trading inside German Pfandbrief paper for the first time.
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While the European covered bond pipeline is largely barren, Australian issuer Suncorp-Metway this week pulled in A$350m with the first Australian dollar denominated 10 year covered bond seen since 2014.
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Luca Bertalot, secretary general of the European Mortgage Federation and European Covered Bond Council talks to GlobalCapital about Brexit, the Label, harmonisation, capital floors and a detailed look at the global expansion of covered bonds in the emerging market arena.
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Australian issuer Suncorp-Metway pulled in A$350m with the first Australian dollar denominated 10 year covered bond seen since 2014.
