Covered Bonds
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The UK Treasury will ensure that timely payments are made to Northern Rock covered bondholders, it said today (Tuesday). Other secured creditors and holders of the bank’s Granite securitisations will not benefit from a government guarantee.
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Data includes jumbo issues in euros, $1bn minimum issues in dollars and C$750m minimum issues in Canadian dollars.
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The European Central Bank reported a fourth consecutive below average increase under its Eu60bn buying programme this (Monday) morning. The additional Eu93m takes total settled covered bond purchases to Eu26.224bn. -
Moody’s has cut Hypo Alpe-Adria-Bank International’s rating from Baa1 to Baa2, on review for possible further downgrade, after the bank announced that it expects a net loss for the financial year 2009 of more than Eu1bn.
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Standard & Poor’s downgraded SNS Bank from A to A- on Friday because it expects the profitability of the Dutch bank to remain relatively weak.
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We don’t normally do this but, hey, it’s nearly Christmas: this Washington Post story on Neel Kashkari – former assistant Treasury secretary, TARP czar, and lead official on the last administration’s covered bond push – is too good to miss.
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Two new Norwegian mortgage institutions have issued covered bonds backed solely by commercial mortgages, The Cover understands.
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From EuroWeek: Delta Lloyd reopened the Dutch mortgage securitisation market this week with the successful placement of its Eu904.5m Arena 2009-1 issue. ABN Amro and Fortis also announced they will be redeeming residential mortgage securitisations they had previously declined to call at their step-up dates.
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The European Central Bank sprang no surprises relating to its Eu60bn covered bond purchase programme either at the press conference following its governing council meeting or in its monthly report released yesterday (Thursday) afternoon.
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Norges Bank and Moody’s this week mentioned the positive effects the growth in covered bond funding is having in Norway, but also noted possible negative side-effects of the trend.
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Danmarks Nationalbank will accept junior covered bonds as collateral for credit on a permanent basis from February 2010, the central bank has announced.
