Covered Bonds
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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.
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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.