Covered Bonds
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The European Central Bank reported a fourth consecutive below average increase this (Thursday) morning, as a result of which its advance on an assumed target spending path shrunk to its smallest since late September. -
Banco Espírito Santo nipped into the covered bond market to price a Eu1bn long five year obrigacões hipotecarias issue yesterday (Tuesday) afternoon. The issuer told The Cover that the transaction allowed it to achieve a goal it had set in the market’s darkest days.
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The European Central Bank reported a Eu104m increase in purchases of covered bonds under its Eu60bn programme this (Wednesday) morning, taking average daily buying down to its lowest level in more than six weeks.
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Moody’s downgraded BRE Bank from A3 to Baa1 yesterday (Monday) following a reassessment of the probable level of systemic support from the Polish government.
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EBS Mortgage Finance and OP Mortgage Bank are sounding out investors today (Wednesday) for what are said to be three and five year deals, respectively. Fortis Bank Nederland’s planned debut is also being discussed.
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Swedish Covered Bond Corp yesterday (Tuesday) issued a Sfr275m June 2016 deal in a rare appearance in the Swiss franc market, which was also the first public covered bond for a foreign issuer in the currency for four weeks.
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Banco Espírito Santo will today (Tuesday) price a Eu1bn long five year obrigacões hipotecarias benchmark at the tight end of guidance that was itself set at a tighter range than that whispered yesterday (Monday). Meanwhile at least two other issuers are understood to be eyeing Thursday for the launch of new issues.
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AIB Mortgage Bank has put in place provisions to protect Fitch’s AAA rating of a hard bullet mortgage covered security series following last week’s downgrade of the Republic of Ireland, under whose guarantee the series of bonds falls, said the rating agency yesterday (Monday).
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The Eurosystem could hold its covered bond portfolio to maturity after it completes its Eu60bn purchase programme at the end of June 2010, said José Manuel González-Páramo, member of the governing council of the European Central Bank, on Friday.
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Achmea Hypotheekbank has told Moody’s that it plans to implement enhancements to its mortgage covered bond programme by April 2010 and will present its proposed changes to the rating agency within six weeks.
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Reported settled purchases under the European Central Bank’s Eu60bn covered bond purchase programme increased by Eu119m this (Monday) morning to Eu21.609bn.
