Covered Bonds
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The Co-Operative Bank expects to address the implications for its covered bond programme of its issuer rating being downgraded by Fitch, according to the rating agency.
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Data includes jumbo issues in euros and $1bn minimum issues in dollars; excludes retained deals under Dealogic criteria. -
The European Central Bank’s tally of covered bond purchases under its Eu60bn programme jumped by Eu383m, the second highest amount in just under two weeks, to hit Eu4.616bn today (Tuesday).
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Aegon Bank is planning a covered bond programme, according to Fitch.
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Standard & Poor’s on Friday downgraded Banco Popular Español’s mortgage-backed covered bonds from AAA to AA+.
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Fitch today (Monday) downgraded The Co-Operative Bank and withdrew Britannia Building Society’s ratings following the merger of the two institutions. The Co-op’s own mortgage-backed covered bonds and those of Britannia, which have been transferred to the former, were affirmed at AAA.
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The European Central Bank this (Monday) morning reported a meagre Eu65m increase to its purchase programme, taking total buying under its purchase programme to Eu4.233bn at the start of the scheme’s fifth week and second month of operation.
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Compagnie de Financement Foncier has begun putting in place the necessary documentation to establish a 144A MTN programme to sell its covered bonds into the US, and is hoping to overcome potential obstacles to its application. Meanwhile, the French issuer yesterday (Thursday) tapped a Swiss franc bond.
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Fitch yesterday (Thursday) changed the outlook on Caixa Catalunya’s rating from stable to negative and withdrew the rating of the issuer and its cédulas hipotecarias, after the savings bank said that it was dispensing with the rating agency’s services as part of a cost-cutting drive.
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Reported settled purchases under the European Central Bank’s buying programme increased by Eu406m to reach Eu4.168bn this (Friday) morning, wrapping up a Eu1.307bn week. Meanwhile the assumptions we have been using to interpret the ECB’s data have been questioned.
