Covered Bonds
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Calyon confirmed today (Tuesday) that it has hired Christian Haller as global head of covered bond origination and co-head of debt capital markets origination for financial institutions in Europe.
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Total settled covered bond purchases under the European Central Bank’s Eu60bn scheme reached Eu23.145bn this (Tuesday) morning following a third consecutive above average daily increase. -
Moody’s has today (Tuesday) confirmed the Aa2 rating and “high” Timely Payment Indicator assigned to Terra Boligkreditt’s covered bonds after completing a review of whether Terra’s function as a group funding platform could make the cover pool less attractive to a potential purchaser in the event of an issuer default.
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Ibercaja has closed the order books for a Eu500m five year cédulas issue, which is due to be priced at the tight end of guidance later today (Tuesday).
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Westdeutsche Immobilienbank sold its second Eu500m three and a half year Pfandbrief in five months yesterday (Monday). The redemption of its only outstanding jumbo next Monday was a key factor in the execution of the deal, an official at WestImmo told The Cover, but he said that the uncertain future of the issuer was not.
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Clydesdale Bank has amended its covered bond programme to introduce a partial pass-through structure, as a result of which Fitch has assigned an improved Discontinuity Factor to the issuer’s covered bonds.
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Deutsche Bank is threatening to overtake Landesbank Baden-Württemberg in the home straight as the race to become number one lead manager for benchmark covered bonds enters its final month. However, with the pace of new issuance remaining brisk, the contest is by no means a two house race.
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Total settled purchases under the European Central Bank’s programme rose by Eu445m, the highest in just over a week, on the back of the settlement of three issues on Friday. The pick-up in buying could continue, with five eligible deals closing this week.
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EFG Eurobank Ergasias is setting up a covered bond programme off which it hopes to be able to launch an inaugural issue in February 2010, a funding official at the bank told The Cover today (Monday).
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Westdeutsche Immobilienbank has wrapped up a Eu500m three and a half year issue this (Monday) morning and Ibercaja is soft-sounding for a similarly sized five year deal.
