Covered Bonds
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These charts and tables provide an overview of all benchmark covered bond issuance from January-June 2010, breaking down total supply by country and maturity, and comparing this year's volumes with those of previous months and years. -
A last minute call-up to The Cover's commentary team means that the legendary Kapitän won’t miss out on the chance to see Germany avenge their defeat to Spain in Euro 2008, a night when it was a case of “Simply Pfußball – Simply Ballacks”.
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A Eu1.25bn 15 year Crédit Agricole issue yesterday (Monday) provided the market with the strong transaction that it needed following the end of the European Central Bank’s covered bond purchase programme (CBPP), a syndicate official at one of the leads told The Cover.
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Crédit Agricole today (Monday) launched the first jumbo covered bond since the end of the European Central Bank’s purchase programme, offering investors the first Eu1bn-plus 15 year transaction of 2010.
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Fitch on Friday downgraded Düsseldorfer Hypothekenbank from A- to BBB- because of a change of ownership, from Bundesverband deutscher Banken to US-based investment firm Lone Star. However, as a Pfandbrief issuer, the bank should benefit from strong systemic support, the rating agency said.
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The European Central Bank reported a lower outstanding amount of covered bond purchases on its website today (Friday) than yesterday, but the unexpected fall is understood to represent a revision to the ECB’s numbers and not any change in policy.
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Covered bond analysts have identified sovereign debt risk as likely to have the most influence on the covered bond market in the second half of the year, with peripheral issuers relegated to the sidelines until their respective government bond spreads have stabilised at tighter levels. However, after the second busiest ever half year for euro-denominated benchmark issuance, most are standing by bullish forecasts made at the start of the year for covered bond supply in 2010.
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Klaus Distler will join WestLB next month as a senior originator in the bank’s FIG team.
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