Covered Bonds
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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.
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Standard & Poor’s has affirmed at AAA mortgage covered bonds issued by Eurohypo and Barclays’ Spanish arm under its new rating criteria, and assigned the ratings a stable outlook.
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A 3.5% coupon attracted real money investors to a 10 year Caisse de Refinancement de l’Habitat issue yesterday (Monday), enabling the issuer to sell the equal largest covered bond in that maturity this year.