Covered Bonds
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Winners of The Cover’s 2012 Covered Bond Awards were revealed on Thursday night. See the full list of awards below.
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Covered bond investors are getting more sophisticated and increasingly prefer to undertake their own analysis. Nevertheless, because ratings are hardwired into investment mandates, as well as regulations, it is an inescapable fact of life that they will remain a major spread driver – said panelists at a Thursday’s Euromoney covered bond conference in Munich.
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Belgian investors awaiting the first covered bonds from the country have warned that the new issues will need to offer an attractive pick up over sovereign spreads to secure the domestic bid. But since the Belgian bid for euro benchmarks is small, this may not necessarily pose a much of a problem.
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Royal Bank of Canada has priced the first SEC registered covered bond, a $2.5bn deal that is likely to be the landmark US dollar trade of the year for the asset class. The long awaited issue was notable for the breadth of investor demand, its historically low coupon and exceptionally tight spread, writes Bill Thornhill.
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New Zealand’s ANZ National launched its second ever euro benchmark covered bond on Tuesday, finding strong demand for a €750m five year deal.
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Austrian duo Hypo Noe Gruppe Bank and Bank für Arbeit und Wirtschaft (Bawag) launched twin seven year covered bond benchmarks this week, which were eagerly pounced upon by domestic and German buyers looking for spread and diversification.
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Crédit Agricole launched the first French covered bond in almost six months on Monday, making its debut in the Obligations Foncièrs (OF) format. French peer Axa Bank followed close behind, but its Belgian RMBS-backed deal failed to attract the same strong reception.
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Intesa Sanpaolo has become the second issuer to price a deal through its own government, following UniCredit’s historic trade in August.
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Winners of The Cover’s 2012 Covered Bond Awards will be revealed on Thursday night.
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Intesa Sanpaolo has become the second issuer to price a deal through its own government, following UniCredit’s historic trade in August.
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Royal Bank Canada has priced the first SEC registered covered bond in what is likely to be the landmark US dollar trade of the year. The long awaited deal was notable for the breadth of investor demand, its historically low coupon and exceptionally tight spread.