Covered Bonds
-
Standard & Poor’s yesterday (Thursday) downgraded Banco Comercial Português from A to A-.
-
La Caixa tapped into the tighter levels in the covered bond market to increase a five year cédulas hipotecarias by Eu750m yesterday (Thursday), rounding off what has been the busiest ever July for the euro jumbo market.
-
Moody’s yesterday (Thursday) downgraded BBVA, Banco Santander, Banesto, and Santander Consumer Finance by one notch, concluding a review initiated on 19 May.
-
Settled purchases under the European Central Bank’s programme increased Eu192m in today’s (Thursday’s) figure, suggesting that the proportion of a Eu1.45bn five year AyT Cédulas Cajas Global issue bought for the programme was less than thought. -
Fitch yesterday (Wednesday) changed Pohjola Bank’s outlook from stable to negative, while affirming the bank’s issuer default, individual and support ratings and support rating floor.
-
Norway’s Sparebanken Øst has set up a covered bond issuer.
-
La Caixa is today (Thursday) tapping a Eu1.25bn five year cédulas hipotecarias it launched on 14 May well inside the level at which it was first executed.
-
Deutsche Bank has raided Royal Bank of Scotland for one of its best known debt originators and covered bond specialists, in a move it hopes will bolster its financial institutions business and help return it to the top of European DCM league tables.
-
In brief: Eurex Bonds notched up a fourth trade through its secondary covered bond auctions yesterday (Tuesday) morning.
-
Purchases under the European Central Bank’s Eu60bn covered bond programme have grown Eu349m to Eu3.57bn, according to the latest figure reported today (Wednesday) of settled trades.
-
Fana Sparebank has become the twelfth Norwegian bank to set up a covered bond issuer.
-
Reported settled purchases under the European Central Bank’s buying programme this (Tuesday) morning breached Eu3bn, on the back of an increase of Eu320m from yesterday’s (Monday’s) figure. Buying could slow in the coming weeks, with primary market supply increasingly confined to taps.
