Covered Bonds
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Standard & Poor’s cut mortgage covered bonds (obrigações hipotecárias) issued by Portugal’s Banco Espírito Santo from AAA to A+, on negative outlook, on Friday, before withdrawing its rating at the issuer’s request.
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These charts and tables provide an overview of all benchmark covered bond issuance from January-September 2010, breaking down total supply by country, currency, and maturity, and comparing this year's volumes with those of previous months and years. -
These charts and tables provide an overview of all benchmark covered bond issuance from January-September 2010, breaking down total supply by country, currency, and maturity, and comparing this year's volumes with those of previous months and years.
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Italy’s UniCredit launched a Eu1bn maximum seven year issue this (Monday) morning that syndicate bankers away from the deal complimented for being “bang-on”, while Spain’s UniCaja is testing investor interest for a Eu500m minimum five year cédulas.
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Denmark’s Nykredit Realkredit priced a Eu500m long three year junior covered bond on Friday and the issuer told The Cover that it was pleased with foreign investors’ response to its inaugural euro offering of what represented “senior debt with a twist”.
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Denmark’s Nykredit Realkredit priced a Eu500m long three year junior covered bond on Friday and the issuer told The Cover that it was pleased with foreign investors’ response to its inaugural euro offering of what represented “senior debt with a twist”.
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Supply of sizeable euro covered bonds was this week at its lowest since the benchmark market reopened at the end of August, but activity is expected to pick up again next week, with issuers also said to be preparing for issuance in dollars and niche currencies. Meanwhile, Denmark’s Nykredit Realkredit today (Friday) launched an inaugural euro junior covered bond transaction.
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Moody’s has cut the ratings of Depfa plc and Depfa ACS Bank from A3 to Baa3 following a transfer of assets to the Hypo Real Estate’s wind-down entity, FMS Wertmanagement, that the rating agency said is part of a process whereby the Irish entities will be less likely to enjoy support.
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Fitch cut mortgage backed covered bonds issued by Spain’s Cajastur from AAA to AA+ and placed them on Rating Watch Negative yesterday (Thursday), because of a downgrade of the issuer the previous day.
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BNP Paribas, Compagnie de Financement Foncier and Crédit Agricole Covered Bonds won the blue riband awards in the EuroWeek and The Cover Covered Bond Awards 2010, which were presented at our fourth annual dinner at the Dolder Grand in Zurich last Thursday (23 September).
