Covered Bonds
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Danske Bank is set to price its third euro benchmark covered bond and its first since June 2008 this (Wednesday) afternoon at the tight end of guidance.
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Fitch yesterday (Tuesday) downgraded the issuer long term default ratings of Newcastle Building Society and Skipton Building Society, and affirmed those of nine other UK building societies. However, the rating agency cut the senior unsecured debt ratings of all 11 building societies.
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Moody’s yesterday (Tuesday) put Landesbank Baden-Württemberg’s Aa1 senior debt rating on review for possible downgrade.
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They may have gathered to mark the members’ meeting of the Association of German Pfandbrief Banks, but the occasion was surely the departure of the vdp’s Louis Hagen. One erstwhile sparring partner at last Thursday’s soirée was moved to pen his own unique tribute to the departing champion of the Pfandbrief. -
Westdeutsche Immobilienbank yesterday (Tuesday) priced a Eu500m three and a half year mortgage Pfandbrief, spurring the primary market back into action after more than a week devoid of new issues. The issuer told The Cover that he is glad that he held firm when considering a new issue earlier this year.
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In this roundtable discussion, sponsored by Société Générale, representatives of leading issuers and investors debate the impact of the European Central Bank’s planned purchase programme, the implications of changes to rating agency methodologies, and how covered bonds now fit into investors’ and issuers’ strategies.
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Westdeutsche Immobilienbank today (Tuesday) broke the lull in primary market activity by launching a Eu500m Pfandbrief after more than a week without new jumbo supply.
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Four new members were appointed to the Association of German Pfandbrief Banks’ board at the association’s member meeting in Berlin on Friday, and Jens Tolckmitt took over the position of general manager.
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Public benchmark covered bond issuance could become more attractive for Norwegian financial institutions after the Norwegian central bank on Wednesday indicated that it could adjust the pricing of a swap agreement introduced in October that gives financial institutions the possibility to swap Norwegian covered bonds for government securities.
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European Central Bank governing council member Ewald Nowotny has surprised market participants by indicating that only bonds with a maximum maturity of five years will be eligible for the ECB’s Eu60bn covered bond purchase programme.
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UniCredit, which finished a European non-deal roadshow of its obbligazioni bancarie garantite programme this week, is expected to consider a debut issue soon, but the issuer stressed its long term strategy for Italian covered bond issuance in an interview with The Cover. The issuer is also hopeful that it can position its OBGs “towards the tighter end” of the market.
