Covered Bonds
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Bank of Montreal (BMO) issued a €1.5bn five year covered bond on Wednesday, and despite the deal’s large size, it paid a modest new issue concession with an overall cost of funding that was lower than recent Scandinavian deals. The deal followed Canadian Imperial bank of Commerce (CIBC) which issued the first Australian dollar covered bond of 2016.
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Covered bonds issued by DNB Boligreditt and Muenchener Hypothekenbank (MuHyp) on Monday priced with minimal new issue concessions and showed that market conditions were strong. At the same time Canadian Imperial Bank of Commerce (CIBC) opened books for the first Australian dollar covered bond this year.
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Daiwa Capital Markets has hired Jez Walsh as co-head of London syndicate, alongside Kevin O'Neill.
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Daiwa Capital Markets has hired Jez Walsh as co-head of London syndicate, alongside Kevin O'Neill. -
The debut Turkish euro-denominated mortgage backed covered bond from Vakifbank, mandated on Thursday, could initially price slightly wider than the sovereign. But over time it should move tighter, said Mustafa Turan, head of international banking at Vakifbank, in a roundtable.
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Belgian bank BNP Paribas Fortis has successfully registered its residential covered bond programme with the central bank, suggesting it could soon be ready to issue its first deal.
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Covered bond borrowers in the UK, Sweden, France, New Zealand and the Netherlands met with strong receptions for their transactions this week, which collectively raised nearly €6bn.
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ABN Amro issued the largest 15 year euro covered bond in a decade and priced it as Bund prices rallied to historic highs, igniting a search for yield.
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The euro covered bond market is expected to remain quiet for the remainder of this week but is likely to be active next week. In the meantime, bankers were left mulling ABN’s astoundingly large 15 year and wondering whether others might now be encouraged to follow.
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Turkiye Vakiflar Bankasi (Vakifbank) is meeting investors for what could be the first ever international mortgage backed covered bond from Turkey.
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Turkiye Vakiflar Bankasi (Vakifbank) is meeting investors for what could be the first ever international mortgage backed covered bond from Turkey.
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ABN Amro issued the largest 15 year euro covered bond in a decade on Wednesday with a well oversubscribed, high quality order book. The transaction which is expected to offer a yield of about 1%, was priced as Bund yields hit historic lows, igniting a renewed search for yield.
