Covered Bonds
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Moody’s yesterday (Wednesday) concluded its review of 22 Italian banks, including Banca Popolare di Milano, that was initiated on 18 May.
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Deutsche Postbank is planning a debut public sector covered bond transaction, expected next week, that will be half-backed by mortgages guaranteed by KfW, an arrangement that promises to extend the amount of collateral that can be viably used as cover for German Pfandbriefe. Meanwhile, Deutsche Kreditbank’s mortgage covered bond programme has been rated by Moody’s.
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Moody's yesterday (Wednesday) confirmed the Aaa rating of Skipton Building Society’s covered bonds following a restructuring of the programme.
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Moody's yesterday (Wednesday) confirmed the Aaa ratings of six cédulas hipotecarias programmes.
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* These banks were not ranked in the top 20 of the Q1 2009 all euro & dollar benchmarks league table.
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The US lineage of GE SCF and the quality of its cover pool are likely to be key to the success of its debut obligations foncières transaction, said several market participants as the issuer embarked on a roadshow and the rating agencies released pre-sale reports.
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* These banks were not ranked in the top 20 in the euro jumbo league table for Q1 2009.
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Efforts are underway in Cyprus to set up covered bond legislation, which could be in place within the next month and a half, thereby giving the country’s banks the ability to participate in the European Central Bank’s purchase programme.
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Moody’s yesterday (Monday) said that the risk that covered bondholders in Austria and Germany could be deprived of their priority right over any assets located outside the European Economic Area needs to be addressed by issuers.
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UniCredit yesterday (Monday) priced the first Italian covered bond issue since Banca Popolare di Milano inaugurated the obbligazioni bancarie garantite market in July 2008. The issuer told The Cover that the Eu2bn seven year mortgage-backed jumbo was priced at a level it deserved, after the re-offer took several market participants by surprise.
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The UK government’s plan to split Northern Rock in two will result in covered bonds being assigned to the “bad bank” and being guaranteed to maturity, a European Commission document suggests.
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Société Générale on Friday sold its second jumbo of the year, a Eu1bn maximum seven year issue that was four times oversubscribed, enabling pricing inside the level at which the deal was originally marketed.