Covered Bonds
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Jan Bettink has taken over from Henning Rasche as president of the Association of German Pfandbrief Banks (vdp) following his election at the association’s members meeting in Berlin yesterday (Thursday). Meanwhile, a familiar face is returning among four new board members. -
At least two banks have mandated for covered bonds that are expected next week, after supply this week of Eu10.7bn.
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The issuance valves were wrenched open this week and a flood of covered bonds and senior FIG paper was released on to a thirsty market. But, far from signifying that the worst is over, this surge — after weeks of inactivity — suggests that borrowers fear conditions will deteriorate further.
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Bank of New Zealand could sell its debut covered bond issue by the end of next week, opening the domestic market with a NZ$400m ($272m) issue.
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Bank of New Zealand could sell its debut covered bond issue by the end of next week, opening the domestic market with a NZ$400m (Eu226m) deal.
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Covered bond issuance of Eu500m or greater deals this week is set to top Eu10bn today (Thursday), with SEB having launched the 12th such issue. Meanwhile, WestImmo launched the third Eu500m Pfandbrief of the week this morning.
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Royal Bank of Scotland braved a volatile market to launch its first benchmark covered bond and the first UK deal for almost three months yesterday (Wednesday), and the issuer told The Cover that it was thrilled to have been able to debut successfully in such challenging conditions.
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Issuers pricing transactions yesterday (Tuesday) adopted flexible approaches to timing and execution, and representatives of CIF Euromortgage and Eurohypo told The Cover that they were happy with the end results in light of market conditions.
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Moody’s affirmed the Aa2 rating of Achmea Hypotheekbank’s mortgage covered bonds yesterday (Tuesday) after the Dutch issuer restructured some aspects of its programme.
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Royal Bank of Scotland launched its first benchmark covered bond this (Wednesday) morning, a Eu1.25bn three year issue that market participants said had succeeded despite coming in a tough market and as the number of Eu500m or greater deals this week hit 10, totalling Eu9.2bn. Meanwhile, Aareal Bank and WL Bank added to the growing supply of sub-Eu1bn issues.
