Covered Bonds
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Barney Frank, chairman of the House Financial Services Committee, on Wednesday committed to a hearing on covered bonds in December in response to Republican congressman Scott Garrett’s proposed amendment to the Financial Stability Improvement Act of 2009.
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Four Austrian covered bond issuers’ long term ratings were yesterday (Thursday) put on review for downgrade by Moody’s after a recalibration exercise on the country’s banks.
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CIF Euromortgage is set to price an April 2012 benchmark at the tight end of guidance this (Thursday) afternoon after having built a book of around Eu1.5bn for the new issue.
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Purchases under the European Central Bank’s covered bond programme reported since Monday reached Eu1.681bn this (Thursday) morning, making this the third busiest week since the scheme began. -
Moody’s downgraded UBS from Aa2 to Aa3 yesterday (Wednesday) and left the rating on negative outlook, citing “considerable challenges” the bank faces in its investment banking and wealth management businesses.
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Danske Bank took advantage of limited long dated supply and what a spokesperson for the bank said was an unusual position among Nordic issuers to launch the first 10 year euro benchmark from the region yesterday (Wednesday), a Eu1.25bn issue.
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Danske Bank is pricing the longest dated euro benchmark from the Nordic region at the tight end of guidance this (Wednesday) afternoon after the transaction met with a strong reception.
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Three-quarters of a Eu500m five year Ibercaja cédulas issue launched yesterday (Tuesday) was sold to domestic investors, according to a banker at one of the leads, with the approaching year-end and non-jumbo format limiting the potential investor base for the deal.
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The European Central Bank this (Wednesday) morning reported a Eu377m increase in settled purchases under its Eu60bn programme, making this week busier than the previous five full weeks after only three days of reporting.
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Republican congressman Scott Garrett has introduced an amendment to the Financial Stability Improvement Act of 2009 that could, according to market participants, result in US covered bond legislation being in place by as early as the first quarter of next year.
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Swedish Covered Bond Corp sold a Nkr600m (Eu72m/Skr738m) deal yesterday (Tuesday), with investors seeking foreign covered bonds given the lack of domestic supply.
