Covered Bonds

Deutsche Pfandbriefbank yesterday (Tuesday) priced a Eu1.5bn five year mortgage-backed Pfandbrief that marked the Hypo Real Estate group’s post-rescue return to the public funding markets. The issuer pointed to the size of the order book and number of participating accounts as a sign of investors’ readiness to accept Deutsche Pfandbriefbank as an issuer.

Bank of Ireland is planning to launch the first mortgage-backed jumbo covered bond for an Irish bank since June 2007, The Cover understands. [Updated to add initial price talk.]

Dexia Municipal Agency yesterday (Monday) priced its third obligations foncières jumbo of the year, and the fourth covered bond benchmark for the Dexia group. But a rapid bookbuilding process for the Eu1bn seven year issue showed that investors’ credit lines were still open for further supply from Dexia MA, the issuer told The Cover.

The total of reported settled purchases of covered bonds under the European Central Bank’s programme grew by Eu102m overnight to hit Eu10.324bn this (Tuesday) morning.

Deutsche Pfandbriefbank this (Tuesday) morning launched a Eu1.5bn five year mortgage-backed Pfandbrief that will be priced at 50bp over mid-swaps, the tight end of guidance, after around Eu4.5bn of orders were registered for the first benchmark from the Hypo Real Estate group since it was bailed out by the German government in September last year.

Deutsche Pfandbriefbank has awarded a mandate for the first jumbo covered bond from the Hypo Real Estate group since it had to be bailed out by the German government in September 2008.

Fitch affirmed the ratings of covered bonds issued by 17 institutions under 19 programmes on Friday following the implementation of the rating agency’s updated refinancing assumptions.

The European Central Bank this (Monday) morning disclosed a Eu591m increase in the total of settled purchases under its covered bond purchase programme. This is the second highest increase since the ECB started providing daily updates on the programme on 10 July.

Dexia Municipal Agency today (Monday) launched the first new French benchmark since 16 July, a Eu1bn seven year public sector obligations foncières issue that is due to be priced at the tight end of guidance.

Deutsche Pfandbriefbank is considering next week launching the first jumbo covered bond from the Hypo Real Estate group since it had to be bailed out by the German government in September 2008, The Cover understands.

Fitch today (Friday) changed the outlook on the rating of Caixa Geral de Depósitos from stable to negative, following a similar revision of the Republic of Portugal’s outlook yesterday (Thursday).

Norwegian internet bank Gjensidige Bank has established a mortgage bank for the issuance of covered bonds, Gjensidige Bank Boligkreditt.