Covered Bonds
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BNP Paribas will today (Thursday) price a four year covered bond, its fourth of the year, at the ambitious level it was said to have been targeting. Meanwhile, Berlin Hyp nipped into the market.
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Total reported purchases under the European Central Bank’s covered bond programme increased almost 150% to Eu585m this (Thursday) morning, the first day on which the data was expected to include any buying in the primary market. -
French covered bonds issued outside the country's obligations foncières legislation could be brought under a new, dedicated legal framework if a high level initiative comes to fruition.
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Bank Austria has for the first time obtained a rating of its Pfandbriefe. Moody’s yesterday (Tuesday) assigned a definitive Aaa rating to the issuer’s public sector Pfandbriefe.
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Danish mortgage banks’ tradition of holding auctions once a year in December to refinance covered bonds that fund one year adjustable rate mortgages is facing changes.
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Several covered bond issuers are understood to be circling the market, hoping to pick off tighter levels. However, some are encountering resistance from investors, even if the European Central Bank’s purchase programme continues to underpin the market.
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Investors and analysts have been weighing the likelihood of issuers defending the triple-A ratings of their covered bonds after Fitch last week downgraded three programmes on the release of new criteria it will use to assess liquidity risk in covered bonds.
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Hypo Investmentbank issued a Sfr150m November 2012 covered bond through Credit Suisse yesterday (Monday) at a spread of 42bp over swaps, in a deal that enabled it to match Swiss franc assets in its cover pool.
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Ahorro Corporación Financiera is said to be preparing an AyT Cédulas Cajas issue for launch next week that could be the biggest test of the covered bond market since the European Central Bank’s Eu60bn purchase programme was announced.
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SEB AG this (Tuesday) morning issued a Eu500m three year deal via UniCredit. Meanwhile, the European Central Bank has reported that Eu162m of covered bonds have been purchased under its programme.
