Covered Bonds
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These charts and tables provide an overview of covered bond issuance from January-April 2010, breaking down total supply by country, currency, and maturity, and comparing this year's volumes with those of previous months and years. -
Norway’s KLP group is finalising a public sector covered bond programme for its KLP Kommunekreditt public sector lending business.
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Fitch has revised its methodology for analysing European covered bonds backed by commercial mortgage loans, and yesterday (Wednesday) said that it will resolve the Rating Watch negative status of nine mortgage Pfandbriefe once it has received and analysed completed data templates it updated in connection with its revised approach.
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HSH Nordbank’s ship Pfandbriefe were downgraded by Moody’s from A1 to A2 yesterday (Wednesday) because the rating agency cut the issuer’s rating by one notch the day before.
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Moody’s has upgraded WestLB Covered Bond Bank from A2 to Aa1 because of a change of its ownership from WestLB to Erste Abwicklungsanstalt (EAA), a wind-down entity set up for WestLB. The development is “very favourable” for bondholders, said the rating agency.
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Moody’s put seven Portuguese covered bond programmes on review for downgrade yesterday (Wednesday) after taking the same action on the sovereign and then 10 rated Portuguese banks.
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Austria’s Bank für Arbeit und Wirtschaft (Bawag) and Norway’s Sparebanken Vest Boligkreditt today (Wednesday) announced that they will go on covered bond roadshows in the week of 17 May, although because of market volatility the new issue market remains closed.
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With market conditions worse than those that prevailed when the European Central Bank announced its Eu60bn covered bond purchase programme (CBPP), almost exactly a year ago, the question of whether or not it might extend buying beyond its scheduled 30 June end has been asked. Covered bond bankers told The Cover that they consider an extension unlikely.
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WestLB Covered Bond Bank has been taken over by Erste Abwicklungsanstalt (EAA), a wind-down entity into which non-core and riskier assets of WestLB have been transferred. A blanket guarantee of the Irish Asset Covered Securities issuer was also taken on by EAA.
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Moody’s has downgraded the senior unsecured debt ratings of HSH Nordbank and WestLB by one notch because it has revised its assumptions about how likely it is that their public sector owners will support the banks.
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