Covered Bonds

Christian Rose has left Société Générale, where he was a director in debt capital markets, to join Citi as part of a hiring spree by the US bank for its DCM business.

Eurohypo today (Friday) added Eu250m to a June 2015 mortgage Pfandbrief in the only euro benchmark supply this week.

Spain’s Bancaja and Banco de Valencia have taken remedial action to support multi-cédulas in which they participate, after the banks' ratings were cut by Fitch at the beginning of June.

These charts and tables provide an overview of all benchmark covered bond issuance from January-July 2010, breaking down total supply by country and maturity, and comparing this year's volumes with those of previous months and years.

These charts and tables provide an overview of covered bond issuance from January-July 2010, breaking down total supply by country, currency, and maturity, and comparing this year's volumes with those of previous months and years.

Fitch downgraded mortgage-backed covered bonds issued by Greece’s Marfin Egnatia Bank from A+ to A- yesterday (Wednesday).

The Cover understands that Florian Eichert, who left Landesbank Baden-Württemberg in May for Credit Suisse, will instead be joining Crédit Agricole as a covered bond analyst.

Fitch placed Portuguese bank Caixa Económica Montepio Geral on Rating Watch Negative yesterday (Wednesday), because the bank’s owner, Montepio Geral Associação Mutualista (MGAM), announced its intention to launch a takeover bid for Finibanco-Holding SGPS. Montepio Geral’s covered bonds were unaffected by the rating action.

Fitch cut mortgage-backed covered bonds issued by Spain’s Caja Navarra from AAA to AA+ today (Wednesday), because of a downgrade of the bank’s rating from A to A- on 30 July.

Fitch downgraded mortgage-backed covered bonds issued by Spain’s Caixanova from AA+ to AA and placed them on Rating Watch Negative yesterday (Tuesday), because of a downgrade on Monday of Caixanova from A- to BBB+.

The version of the US Covered Bond Act of 2010 passed by the House Financial Services Committee last month will help investors, according to Moody’s, but does not adequately deal with market value risk and could lead to different standards for different types of issuers.

Moody’s downgraded unguaranteed public sector-backed covered bonds issued by Austria’s Hypo Alpe-Adria-Bank from Aa1 to Aa2 yesterday (Tuesday) after cutting the issuer rating earlier in the day. The rating agency also cut Vorarlberger Landes- und Hypothekenbank’s issuer rating.