Covered Bonds
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Reported purchases under the European Central Bank’s Eu60bn programme breached the Eu1bn level this (Monday) morning, recording their biggest jump yet. -
The fate of a new AyT Cédulas Cajas issue hung in the balance today (Monday) as market participants discussed whether or not it was possible at the levels being sounded.
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Dexia Kommunalbank today (Monday) increased its June 2014 public sector Pfandbrief by Eu500m.
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Market participants were encouraged by the effects of the first pilot auction on the Eurex Bonds secondary market platform this (Monday) morning, even if no bonds were traded during the process.
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Pfandbriefbank schweizerischer Hypothekarinstitute tapped an April 2013 bond for Sfr216m this (Monday) morning via Credit Suisse. It came at 3.5bp through mid-swaps, 1.5bp inside the bookbuilding level.
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On Friday we analysed how lead managers’ league table performances in the first half of the year differed before and after news of the European Central Bank’s covered bond purchase programme emerged. In light of feedback we received after this was published, we would like to remind readers that the analysis focused on H1 2009 performance and did not include issuance up to and including last Friday. Today (Monday) we publish a euro jumbo league table based on year-to-date issuance.
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The European Central Bank’s running total of settled covered bond purchases reached Eu668m today (Friday), an increase of Eu83m from the cumulative figure reported yesterday (Thursday).
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The announcement of the European Central Bank’s purchase programme on 7 May has been a game-changer for covered bond lead managers, shaking up the league table rankings. In a special league table published today (Friday) The Cover compares the performance of banks in the first half of the year before and after news of the Eu60bn programme emerged.
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*The relative performance ratio is a lead manager’s amount post-ECB over its amount pre-ECB, divided by the total post-ECB over the total pre-ECB.
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Caixa Económica Montepio Geral will today (Friday) price its inaugural covered bond issue, a Eu1bn three year mortgage-backed deal rated Aa1/AAA.
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BNP Paribas yesterday (Thursday) priced a Eu1.25bn four year covered bond, the third to be launched off the issuer’s Home Loan programme this year, inside guidance. The completion of the deal ushers in a summer break from the covered bond market for the issuer.
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