Covered Bonds
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The first details of how much the European Central Bank is buying under its Eu60bn covered bond purchase programme will only emerge once any trades have been settled. Meanwhile, comments from ECB governing council member Ewald Nowotny have again proven misleading.
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ABN Amro will this (Monday) afternoon price its first benchmark since February 2007. The deal’s launch coincides with the official start of the European Central Bank’s Eu60bn covered bond purchase programme, and also marks the beginning of what could be a busy week in the primary market, with several other issuers understood to be lining up deals.
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Moody’s on Friday placed the Aa2 long term deposit and debt ratings of Sparkasse KölnBonn on review for possible downgrade.
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A Eu9.2bn book for Deutsche Postbank’s Eu1bn five year public sector Pfandbrief debut on Friday left market participants questioning the healthiness of such a high level of oversubscription.
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Fitch said today (Friday) that recent Spanish legislative changes have improved the country’s covered bond framework and that it will amend the Discontinuity Factors it assigns cédulas hipotecarias.
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The European Central Bank has given few new details as to what it will buy or how it will operate when its Eu60bn covered bond purchase programme officially starts on Monday, despite releasing the official eligibility criteria yesterday (Thursday). -
Deutsche Postbank is this (Friday) morning understood to have built a book for its debut jumbo public sector Pfandbrief that is believed to be by far the largest for a covered bond in more than a year and one of the biggest ever.
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The European Central Bank appears to have confirmed that the covered bonds of issuers from outside the euro-zone will not be eligible for its Eu60bn purchase programme in a document released this (Thursday) afternoon on its implementation that contained no major surprises.
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The European Central Bank will announce technical details of its Eu60bn covered bond purchase programme at 1700 CET today (Thursday), president Jean-Claude Trichet said at a press conference this afternoon after the governing council’s meeting.
