Covered Bonds
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*Change relative to end Q3; Due to technical problems, this is not the league table linked to from the homepage.
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Belgium’s Axa Bank Europe secured the first refinancing of its mortgage business via covered bonds today (Friday), with Axa Bank Europe SCF receiving solid demand for an inaugural, Eu750m 10 year obligations foncières issue.
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Fitch downgraded Caixa Económica Montepio Geral from A- to BBB+ , on Rating Watch Negative, yesterday (Thursday), because the Portuguese bank is facing increasing difficulty in defending its asset quality and maintaining operating profitability amid low interest rates and limited prospects for economic growth in Portugal.
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Italy’s Intesa Sanpaolo relaunched issuance of covered bonds secured by residential mortgage backed securities this week when it sold a Eu1bn five year issue that overcame reduced line availability for Italian debt and some resistance to the deal’s structure. Axa Bank Europe is expected to further test appetite for such a product by launching its own deal soon.
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SpareBank 1 Boligkreditt sold a $1.5bn (Eu1.077bn) three year benchmark in the US market yesterday (Wednesday) and the issuer told The Cover that the transaction was part of a strategic move to diversify its investor base.
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Moody’s downgraded Banca Monte dei Paschi di Siena (MPS) from A1 to A2, on stable outlook, yesterday (Wednesday), because of sizeable challenges facing the Italian bank.
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Italy’s Intesa Sanpaolo relaunched issuance of covered bonds secured by residential mortgage backed securities when it yesterday (Wednesday) sold a Eu1bn five year issue that a syndicate official at one of the leads said successfully overcame reduced line availability for Italian debt and some resistance to the deal’s structure. Axa Bank Europe is expected to provide a second test of appetite for such product shortly.
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Intesa Sanpaolo has opened books on its first mortgage covered bond, backed by self-originated residential mortgage backed securities, with what a syndicate official described as an “eye-catching” level. Meanwhile, Nordea is preparing a roadshow to introduce Finnish covered bond plans.
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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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A draft Cypriot covered bond law is close to being presented to parliament, after the European Central Bank gave a conditional positive appraisal of the legislation last week.
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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.