Covered Bonds
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The European Central Bank yesterday (Thursday) revealed for the first time how spending under its Eu60bn covered bond purchase programme has been split between the primary and secondary markets when it delivered its first monthly report on the programme following a press conference. -
The Cypriot Ministry of Finance and the country’s central bank will proceed with efforts to set up covered bond legislation, it was decided at a meeting that took place yesterday (Thursday).
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Moody’s today (Thursday) confirmed the Aaa rating of The Co-operative Bank’s covered bonds, concluding a review for possible downgrade that was initiated on 13 May.
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A small increase of only Eu50m of settled purchases was reported by the European Central Bank this (Thursday) morning. With no new public issues that meet the ECB’s purchase programme criteria settling yesterday (Wednesday), today’s increase could again reflect buying on the secondary market.
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Fitch gave 40 covered bond programmes the all-clear yesterday (Wednesday), affirming their ratings after implementing its new refinancing cost assumptions. However, the majority of programmes Fitch rates remain under review.
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Cyprus’s draft covered bond legislation has been distributed to interested parties ahead of a meeting scheduled to take place towards the end of this week, The Cover has learnt.
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A Eu299m increase was captured in this (Wednesday) morning’s running total of spending under the European Central Bank’s Eu60bn programme. The figure is difficult to explain by purchases of public primary market issues alone.
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Moody’s yesterday (Thursday) downgraded the long term debt of ABN Amro Bank from Aa2 to Aa3 in a move that captures the rating agency’s expectations about the credit profile of the Dutch government-owned bank that is due to succeed the issuer after a demerger.
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Pfandbriefbank schweizerischer Hypothekarinstitute raised Sfr1.346bn yesterday (Tuesday), the most it has ever raised in a single day, tapping three bonds via Credit Suisse.
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Data includes jumbo issues in euros and $1bn minimum issues in dollars; excludes retained deals under Dealogic criteria.
