Covered Bonds
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Euro covered bond issuance is ramping up with Westpac Banking Corporation joining Lloyds in the market on Wednesday. Despite a slower book build which drew criticism from rival bankers, Westpac took €1bn with a single digit concession.
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Royal Bank of Canada was set to price its first sterling benchmark in years at a spread that is expected to lead to a re-pricing of the market, but which is close to where it would have funded in dollars. Meanwhile, CIBC will open books for its first dollar deal in four years and the first from its legally compliant programme in that currency.
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Landesbank Baden-Württemberg has printed the first widely distributed euro benchmark in covered bonds since early June. Rival bankers said the deal proves that European investors are receptive to the right trade, but the Greek storm is not over yet and may mean that issuance windows are limited.
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UniCredit CIB has hired a covered bond and SSA syndicate banker from Barclays.
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UniCredit CIB has hired a covered bond and SSA syndicate banker from Barclays.
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The Cover's annual 2015 awards survey is now live. To check out the banks and deals that made it into the shortlists please take a look here.
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Bernd Loder, who left Barclays in May, has reappeared at UniCredit where he will start as a director in the investment grade and CEEMEA bond syndicate on August 3.
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Poland’s new covered bond law is expected to come in to effect on January 1, following approval by the senate next week. The law will open up the Polish covered bond market to international investors as well as lifting the ratings of Polish covered bonds.
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After announcing its intention to repurchase all of its series 7 and series 8 2017 covered bonds, Northern Rock Asset Management (NRAM) has set the purchase price on the notes. It is hoping to reduce its liabilities and close its covered bond programme following a successful buyback in March.
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Commonwealth Bank of Australia printed the second dollar bond of the week from an Aussie issuer on Thursday. Westpac’s success on Tuesday gave bankers the confidence to progress, but the trade was executed with caution.
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Northern Rock Asset Management (NRAM) intends to buy back all of its covered bonds due 2017 which are validly tendered, and was due to set the purchase price on Friday afternoon.
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Caisse Française de Financement Local struck a defiant note on behalf of the covered bond market in the face of the Greek crisis on Thursday by printing the first euro deal from a European issuer in three weeks.
