Covered Bonds
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Danske Bank yesterday (Wednesday) sold the first Nordic 12 year benchmark covered bond after heeding investor calls for a long maturity, a syndicate official at Danske told The Cover.
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Korea Housing Finance Corp (KHFC) is meeting international investors next week ahead of a benchmark covered bond that would be only the second from Asia.
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Lloyds TSB Bank yesterday (Wednesday) extended the maturity profile of its Regulated Covered Bond programme with a Eu750m eight year issue that offered insurance company accounts a sought-after 4% coupon, an official at the issuer told The Cover.
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SpareBank 1 Boligkreditt priced a Eu1bn five year mortgage-backed covered bond yesterday (Wednesday), confident that it could reach the benchmark size despite coming amid heavy supply, the issuer told The Cover.
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Standard & Poor’s has downgraded WM Covered Bond Program from AAA to AA and assigned it a negative outlook under its revised covered bond rating methodology.
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Compagnie de Financement Foncier stood out from the crowd with a Eu600m 15 year obligations foncières issue yesterday (Tuesday), which the issuer told The Cover underlined its profile in the long end of the curve. Meanwhile, Crédit Agricole got a Eu1bn five year deal away amid a torrent of shorter dated supply.
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Düsseldorfer Hypothekenbank’s public sector Pfandbriefe were today (Wednesday) downgraded from AAA to AA-, on negative outlook, by Standard & Poor’s, which then withdrew the rating at the issuer’s request.
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Moody’s yesterday (Tuesday) cut covered bonds issued by Alpha Bank, EFG Eurobank Ergasias and National Bank of Greece because it downgraded the Greek sovereign by four notches the day before.
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New covered bonds launched by Danske Bank, Lloyds TSB and SpareBank 1 Boligkreditt met with modest demand today (Wednesday), although syndicate bankers highlighted high quality order books and sub-Eu1bn issue sizes in longer maturities as respectable achievements.
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ABN Amro Bank yesterday (Monday) priced the biggest 10 year benchmark since September 2009, achieving the strong comeback that the issuer told The Cover it had been targeting. The deal comes ahead of its merger with Fortis Bank Nederland.
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ASB Bank, the New Zealand subsidiary of Commonwealth Bank of Australia, is considering issuing a covered bond, Kerry Francis, chief executive of corporate and institutional banking at the bank, told The Cover.
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