Covered Bonds
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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.
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Moody’s and Fitch yesterday (Wednesday) said that the 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.
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Standard & Poor’s downgraded Bank of America’s covered bonds from AAA to AA, on negative outlook, yesterday (Wednesday) following a review of the programme under the rating agency’s revised criteria, because of insufficient credit enhancement.
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GCE Covered Bonds will price the first covered bond of Eu1bn or more in five weeks this (Thursday) afternoon, a four year issue at 40bp over mid-swaps that one banker described as “a first glimmer of hope”.
