Covered Bonds
-
The eighth full calendar week of reporting of settled purchases under the European Central Bank's covered bond programme started with an increase of Eu189m that was disclosed (Monday), followed by a jump of Eu410m this (Tuesday) morning. -
UBS has set up a covered bond programme to enable it to tap "an attractive medium to long term source of financing", the Swiss bank announced today (Tuesday).
-
The daily average of purchases under the European Central Bank’s Eu60bn covered bond purchase programme is at its lowest since 21 July, after the week’s reporting was rounded off with a Eu102m increase this (Friday) morning.
-
Deutsche Pfandbriefbank is understood to be holding a roadshow that could pave the way for its return to the public markets, with one banker suggesting that a new issue could emerge as early as September.
-
Bayerische Landesbank launched the first new jumbo Pfandbrief since early July yesterday (Thursday), but although investors placed orders of almost Eu4bn for the Eu1bn eight year issue, market participants are concerned that German covered bond trading levels may be unsustainable.
-
-
The European Central Bank this (Thursday) morning reported a rise of just Eu28m in its covered bond purchase programme. Coming after yesterday’s (Wednesday’s) Eu37m figure, the increase makes this the quietest two days since the scheme was launched.
-
Bayerische Landesbank is reopening the benchmark covered bond market after the summer lull today (Thursday) with the first new jumbo Pfandbrief since the European Central Bank launched its purchase programme on 6 July. And it is doing so at levels some 20bp tighter than the last comparable transaction.
-
DnB Nor Boligkreditt issued a Nkr1.25bn (Eu145m) five year floating rate covered bond today (Wednesday) that it is not swapping with the central bank.
-
The lowest rated Spanish covered bond yet is in the pipeline, after Moody’s assigned a provisional A1 rating to the cédulas hipotecarias of CajaSur.
