Covered Bonds
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Sweden’s Stadshypotek priced a $1.6bn two tranche three year 144A issue yesterday (Thursday), becoming the first Nordic issuer to sell a covered bond into the US.
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EuroWeek and The Cover held the fourth annual Covered Bond Awards Dinner at the Dolder Grand, Zurich yesterday (Thursday) evening. These are the winners – including three who were not announced last night – with the results based on a poll of issuers, lead managers and investors conducted last month.
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Lloyds TSB Bank on Wednesday priced the largest UK covered bond since the onset of the financial crisis, taking advantage of demand for UK names as well as investors’ search for yield, which the Netherlands’ SNS Bank had targeted with a 10 year deal on Tuesday.
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The European Covered Bond Council has confirmed a new line-up for its steering committee, following its plenary in Zurich yesterday (Wednesday).
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In brief: Stadshypotek, a subsidiary of Svenska Handelsbanken, is in the 144A market with a debut dollar benchmark.
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Panellists at a European Covered Bond Council plenary in Zurich yesterday (Wednesday) welcomed improved treatment of covered bonds in updated Basel III and Solvency II regulatory frameworks for the banking and insurance sectors, respectively, but warned against a “one size fits all” approach and possible negative effects of new regulation.
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Lloyds TSB Bank is understood to have attracted more than Eu3bn of demand for a 10 year covered bond this (Wednesday) morning, demonstrating strong support for the long end and UK names. The issue comes after SNS Bank sold a Eu1bn 10 year yesterday (Tuesday), with the issuer citing yield levels as a key factor in its execution.
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EuroWeek and The Cover, in association with Banca IMI and UniCredit, brought together leading issuers and investors from Italy to discuss the importance of obbligazioni bancarie garantite to them, as well as pricing and regulatory issues facing the market. -
DVB Bank is targeting a Eu250m three year debut ship Pfandbrief, and the issuer told The Cover that it is also considering taking up aircraft covered bonds.
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Fitch placed AAA mortgage covered bonds issued by Cajamurcia on Rating Watch Negative yesterday (Monday), after placing the issuer on RWN on Friday because its integration into a new banking group with three other cajas was approved.
