Covered Bonds
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SpareBank 1 Boligkreditt launched a Eu1.25bn seven year covered bond a day earlier than planned yesterday (Wednesday) after being encouraged by feedback sparked by the deal’s announcement on Tuesday, the issuer told The Cover.
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Lloyds TSB has priced a Eu1.5bn five year Regulated Covered Bond inside HBOS’s secondary curve, whose sway over the final re-offer level market participants had been debating given that the two issuers are part of the same group. Meanwhile, SpareBank 1 Boligkreditt issued a Eu1.25bn seven year deal.
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Standard & Poor’s has affirmed UniCredit Bank’s public sector covered bonds at AAA and assigned the rating a stable outlook under its revised methodology.
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Banca Popolare di Vicenza could launch a debut covered bond later this year, a funding official told The Cover after the bank launched a Eu500m three year senior unsecured floating rate note yesterday (Tuesday).
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Royal Bank of Canada yesterday (Monday) sold a C$850m (Eu606m/$826m) five year covered bond, which is only the second domestic Canadian issue and comes just days after plans to introduce legislation were revealed in the country’s budget.
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A high quality cover pool comprised of Norwegian residential mortgages was a strong selling point for a Eu600m two-and-a-half year Terra Boligkreditt covered bond, the issuer told The Cover after pricing the issue yesterday (Monday) afternoon.
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Lloyds TSB has opened the books for an inaugural issue off its Regulated Covered Bond programme today (Tuesday). Meanwhile, SpareBank 1 Boligkreditt has announced plans to tap the market.
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Terra Boligkreditt will today (Monday) price a Eu600m two-and-a-half year covered bond that was increased from Eu500m on the back of strong demand, kick-starting what bankers expect to be a busy week for issuance.
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Kees Westermann has left Clifford Chance for Linklaters, where he will head a new structured finance practice for the firm in Amsterdam that will take in covered bonds.