Covered Bonds
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Moody’s put the Aa3 rating of public sector covered bonds issued by Depfa ACS Bank on review for downgrade today (Thursday) because of a cut in the issuer’s rating from A3 to Baa3 last Friday.
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Standard & Poor’s yesterday (Wednesday) affirmed at AAA mortgage backed covered bonds issued by Sweden’s Länsförsäkringar Hypotek under its revised rating methodology.
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Italy’s UBI Banca will today (Thursday) price a Eu500m five year issue on the back of modest demand, while DnB Nor Boligkreditt yesterday sold its first dollar benchmark covered bond and Canadian Imperial Bank of Commerce priced its first covered bond in the Kangaroo market.
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Justin Fox will be leaving Nationwide Building Society, where he has been head of treasury markets, in the New Year.
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Sweden’s Skandinaviska Enskilda Banken priced its first seven year euro benchmark covered bond yesterday (Wednesday), a Eu1bn maximum deal that the issuer said cleared at the re-offer spread “very handsomely”.
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Moody’s downgraded Raiffeisenlandesbank Niederoesterreich-Wien from Aa3 to A1 yesterday (Wednesday) after carrying out stress tests on the bank’s earnings, assets and capital.
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Tim Skeet has left Bank of America Merrill Lynch, where he was head of covered bond origination.
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Spain’s Unicaja was keen to use the launch of a cédulas hipotecarias issue this week as an opportunity to engage with investors on issues facing the country’s financial system and to highlight the savings bank’s individual story, an official at the issuer told The Cover.
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Cato Baldvinsson, who has been head of group treasury at Danske Bank, will be retiring next July, and a new head has been appointed.
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Fitch has launched a consultation on an exposure draft on counterparty criteria for covered bonds.
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New rules effective 1 October that place an 85% loan-to-value limit on Swedish residential mortgages will strengthen the credit quality of covered bonds backed by Swedish home loans, according to Moody’s.