Covered Bonds
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Fitch changed its outlook on Cajamar Caja Rural, Sociedad Cooperativa de Crédito from stable to negative yesterday (Monday) to reflect its deteriorating asset quality, exposure to the construction and real estate sectors, and a need to further rebalance funding towards customer deposits.
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An overnight increase of Eu92m brought total reported settled covered bond purchases under the European Central Bank’s purchase programme to Eu12.87bn this (Tuesday) morning. -
Moody’s yesterday (Monday) placed ING Bank’s Aa3 long term senior debt rating and C+ bank financial strength rating on review for possible downgrade.
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Pfandbriefbank schweizerischer Hypothekarinstitute issued two tranches on Friday, a Sfr350m six year bond priced at 11bp through mid-swaps and a Sfr133m tap of an October 2018 line at 7bp through.
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Here are the winners and runners-up in the EuroWeek & The Cover Covered Bond Awards 2009, which were presented at our dinner in Copenhagen on Thursday evening.
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Fitch has downgraded EBS Building Society from BBB to BBB-, and removed the rating from Rating Watch Evolving. The outlook is stable.
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The running total of settled purchases under the European Central Bank’s covered bond programme this (Monday) morning reached Eu12.778bn following a Eu111m increase from the figure disclosed on Friday.
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The covered bond industry should not lose time in working towards further convergence and harmonisation, Michel Stubbe, head of division, market operations analysis at the European Central Bank, told market participants attending the European Covered Bond Council plenary in Copenhagen yesterday (Wednesday).
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Fortis Bank Nederland is in the final stages of establishing a covered bond programme, and is targeting October for the launch of a Eu2bn issue, an official at the bank told The Cover.
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