Covered Bonds
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Following an internal restructuring, Credit Suisse has asked covered bond holders for their consent to amend the definition of an issuer event of default (EoD). -
ANZ New Zealand and Natixis Pfandbriefbank have mandated leads to roadshow euro denominated covered bonds.
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Sparebank 1 Boligkreditt followed Commerzbank into the covered bond market this week with another 10 year and with a 20bp premium to the German lender, its sale was a lot smoother.
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UniCredit Italy took advantage of constructive conditions and scarce Italian covered bond supply to launch a 10 year on Wednesday. The bank was rewarded with a well oversubscribed order book while paying little new issue premium.
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A surfeit of supply hit the long end of the covered bond curve this week as issuers piled in to take advantage of extraordinarily cheap funding conditions that are unlikely to last long. Bill Thornhill reports.
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This week’s covered bond supply has already exceeded the whole of July’s and its likely there will be more deals next week as issuers grab cheap funding before a potential spread widening.
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Deutsche Bank returned to covered bonds for the third time this year on Wednesday, extending its curve with a tightly priced 12 year.
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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
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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.
