Covered Bonds
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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. -
Klaus Distler will join WestLB next month as a senior originator in the bank’s FIG team.
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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.
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Vincent Hoarau has left Landesbank Baden-Württemberg and will be joining Crédit Agricole as head of covered bond syndicate, The Cover understands.
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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.
