Covered Bonds
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Standard & Poor’s yesterday (Monday) downgraded Clydesdale Bank and Yorkshire Building Society following an update of its assumptions about UK banks’ future credit losses.
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Just Eu40m of covered bond purchases under the European Central Bank’s Eu60bn programme were settled on Friday and reported today (Monday). This is the smallest amount since the first day the ECB reported purchases. -
Covered bond market participants can enjoy their summer holidays safe in the knowledge that Standard & Poor’s will not publish its updated criteria for rating covered bonds before September “at the earliest”.
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EuroWeek cartoonist Olly Copplestone’s take on this week’s Spanish exhibit.
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The running total of covered bond purchases under the European Central Bank’s programme crept up Eu307m to bring purchases reported this week to Eu2.193bn, up from Eu668m announced during the first six days of reporting.
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In brief: Société Générale SCF yesterday (Thursday) increased its Eu1bn 4% July 2016 obligations foncières by Eu250m.
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Moody’s yesterday (Thursday) downgraded Landesbank Baden-Württemberg’s senior debt rating from Aa1 to Aa2, concluding a review for downgrade initiated on 23 June.
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The British have long sought out the sunnier climes of continental Europe, but have had to watch jealously from a distance as their euro-area counterparts have basked in the heat the European Central Bank’s purchase programme has brought to the covered bond market. However, after the market proved receptive to the multi-cédulas of AyT Cédulas Cajas, could the market offer UK issuers a welcome break?
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No trades were executed in Eurex Bonds’ secondary market auctions this (Thursday) morning. Meanwhile, the electronic trading platform clarified what prices are being reported.
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The reported increase in settled purchases of covered bonds under the European Central Bank’s programme today (Thursday) was the lowest since last Friday, with the cumulative total rising modestly to Eu2.554bn.
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In brief: Deutsche Hypothekenbank AG Hannover Berlin yesterday (Wednesday) priced a Eu500m three year mortgage Pfandbrief.
