Covered Bonds
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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.
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The French parliament has passed without amendments a law introducing a new type of legislative covered bond, obligations à l’habitat (OHs).
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Two inaugural euro covered bonds backed by residential mortgage backed securities were this (Monday) being flagged for possible launch this week.
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The Reserve Bank of New Zealand has launched a consultation paper that proposes the introduction of covered bond legislation and sets out its preference for a “conservative” cap on issuance, alongside considerations of disclosure requirements, cover pool asset eligibility, capital adequacy implications and issuance structure.