Covered Bonds
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Following the departure of Florian Eichert for Credit Suisse, Landesbank Baden-Württemberg has detailed how its credit research team will be handling covered bonds.
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Three issuers launched euro covered bonds this (Wednesday) morning ahead of a public holiday in many parts of Germany tomorrow, with market conditions said to be better than yesterday, although still weak. Meanwhile, the US market could see its first new covered bond supply since mid-April.
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Fitch downgraded three Spanish financial institutions yesterday (Tuesday) afternoon, while Standard & Poor’s put Caja Madrid on CreditWatch negative.
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France’s Credit Mutuel Arkéa this (Tuesday) morning launched an inaugural public covered bond, marketing a Eu500m minimum issue at a spread wider than some had anticipated in a difficult market.
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Florian Eichert has left Landesbank Baden-Württemberg to join Credit Suisse, The Cover understands.
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Standard & Poor’s has revised the outlook on SNS Bank from stable to negative because it expects the Dutch group to continue to be pressured on bank earnings and asset quality.
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Fitch downgraded Banco de Sabadell’s rating from A+ to A, with a stable outlook, today (Tuesday) because of a deterioration in the bank’s asset quality and Spain’s weak economic environment.
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Settled covered bond purchases under the European Central Bank’s programme rose Eu1.409bn this week, the most in a month and the fifth highest week’s total this year. -
Market participants were today (Friday) being constructive about the prospects of the covered bond market building on a Eu1bn four year issue for GCE Covered Bonds yesterday.
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Moody’s and Fitch on Wednesday said that a takeover of CajaSur by the Spanish authorities has not affected the ratings of either covered bonds issued directly by the savings bank or those it participates in.
