Covered Bonds

The European Central Bank this (Thursday) morning reported a Eu658m increase in the amount spent under its covered bond purchase programme (CBPP), the third highest day’s increase since buying began.

Vincent Hoarau has left Landesbank Baden-Württemberg and will be joining Crédit Agricole as head of covered bond syndicate, The Cover understands.

Achmea Hypotheekbank has requested that Standard & Poor’s stop rating its covered bonds, which were on Friday for the first time assigned a rating by Fitch.

The European Central Bank has completed its covered bond purchase programme (CBPP), it announced this (Wednesday) morning.

HSH Nordbank yesterday (Monday) priced a Eu500m three year Pfandbrief issue that could well be the last sizeable new issue bought by euro-zone central banks operating under the European Central Bank’s purchase programme, which today (Tuesday) appeared to have passed its targeted Eu60bn. [Amended.]

Yorkshire Building Society is to seek consent from bondholders to drop Standard & Poor’s ratings from its covered bond programme as a result of changes to the rating agency’s swap counterparty criteria.

Achmea Hypotheekbank mortgage covered bonds received their third rating on Friday, when Fitch followed up on a first time rating of the Dutch issuer the previous day.

HSH Nordbank will shortly close books on a Eu500m three year public sector-backed Pfandbrief that was the only sizeable new covered bond in the market this (Monday) morning, with the end of the European Central Bank’s purchase programme injecting some uncertainty into the market.

Proponents of covered bonds are hopeful that legislation could be enacted in the US this year, even though a covered bond amendment failed to make it into the financial reform bill completed last week.

Canadian Imperial Bank of Commerce is set to price its second US dollar benchmark covered bond today (Friday).