Covered Bonds
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Spain’s Kutxa priced a comfortably oversubscribed Eu700m cédulas hipotecarias issue yesterday (Tuesday) that attracted nearly as much investor interest as a Swedbank Mortgage Eu1bn long three year deal, while a Banca Popolare di Milano Eu750m five year received less attention on a busy day for euro covered bonds.
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Fitch downgraded mortgage backed covered bonds issued by Caixa Económica Montepio Geral from AAA to AA, on negative review, yesterday (Tuesday), because of new asset analysis assumptions for Portuguese mortgages.
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Fitch placed mortgage backed covered bonds issued by BA Covered Bond Issuer (BACBI) on negative review on Tuesday, after placing Bank of America NA on Rating Watch Negative on Friday.
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Fitch put public sector covered bonds issued by Depfa ACS Bank on negative review today (Wednesday) because of the potential impact of the issuer’s business restructuring.
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The Federal Deposit Insurance Corporation wants to work together with Congressional proponents of a US covered bond market to establish “balanced” covered bond legislation to foster such a market, FDIC chairman Sheila Bair said at a housing finance symposium yesterday (Monday). Last week Congressman Scott Garrett told a conference in New York he was “cautiously optimistic” that US covered bond legislation could be finalised before the end of next year.
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*Change relative to end Q3. Due to technical problems, this is not the all benchmarks league table linked to from the homepage.
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Banca Popolare di Milano, Kutxa and Swedbank Mortgage accessed the benchmark covered bond market this (Tuesday) morning to offer investors a medley of new euro issues after a day of preparation yesterday that one syndicate banker said was necessitated by limited liquidity in the market.
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Fitch placed Bank of America NA on Rating Watch Negative on Friday, following initial interpretation of the Dodd-Frank Wall Street Reform & Consumer Protection Act and its implications for systemically important financial institutions.
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Axa Bank Europe SCF inaugurated a Eu5bn obligations foncières programme on Friday with a Eu750m 10 year deal that an official at the issuer told The Cover represented “a big success”. He also discussed the choice of the French instrument and the use of RMBS as collateral.
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*Change relative to last week. Due to technical problems, this is not the all benchmarks league table linked to from the homepage.
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Swedbank Mortgage and Banca Popolare di Milano are lining up new issues that will probably be executed tomorrow (Tuesday), after syndicate bankers said the market opened strongly today.