Covered Bonds
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Compagnie de Financement Foncier priced a Eu1bn five year covered bond this (Thursday) morning, while DnB Nor Boligkreditt has announced a mandate for a deal that market participants expect to be launched next week.
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These charts and tables provide an overview of all benchmark covered bond issuance in the first quarter of 2010, breaking down total supply by country and maturity, and comparing this year's volumes with those of previous months and years. -
These charts and tables provide an overview of covered bond issuance in the first quarter of 2010, breaking down total supply by country, currency, and maturity, and comparing this year's volumes with those of previous months and years.
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Royal Bank of Canada is expected to price a $1bn minimum five year deal this (Wednesday) afternoon in only the second benchmark covered bond to have been targeted at US accounts since July 2007.
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Spread guidance on new issues launched this (Wednesday) morning was wider than levels heard yesterday, but with re-offers ultimately fixed at the tight end of guidance, syndicate bankers were speaking of a good day for covered bonds. Meanwhile, Spanish supply emerged in the form of two taps.
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Standard & Poor’s has affirmed its ratings of covered bonds issued by Deutsche Genossenschafts-Hypothekenbank and Finland's OP Mortgage Bank at AAA under its revised methodology.
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Stadshypotek and Société Générale today (Tuesday) announced mandates for benchmark covered bonds that market participants said are likely to be launched tomorrow (Wednesday). At least one other issuer is said to be planning to access the market, despite a short working week and reduced investor availability due to the Easter holidays.
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The European Central Bank reported Eu858m of purchases under its Eu60bn covered bond purchase programme last week, with Friday’s public holiday helping make it the lowest week’s total since mid-January.
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In brief: Royal Bank of Scotland has set up a Eu15bn global covered bond programme, which has been approved by the Financial Services Authority for inclusion on its Regulated Covered Bond Register.
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UBS yesterday (Wednesday) priced a Eu1.25bn 12 year issue, the biggest deal in the maturity this year. A reverse enquiry from a German insurance company was the initial spark for the transaction, according to a syndicate official at one of the leads.
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