Covered Bonds
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Deutsche Bank will today (Tuesday) price its debut Pfandbrief, a Eu1bn seven year mortgage-backed deal, at the tight of guidance. The level is easily the tightest this year for a mortgage-backed benchmark.
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Moody’s yesterday (Monday) changed the rating outlook on Bank of Montreal from stable to negative.
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Deutsche Bank has closed books on its debut Pfandbrief issue and will price the seven year issue at 55bp over mid-swaps, the tight end of guidance, while BNP Paribas also looks set to hit a relatively tight level on its first public sector obligations foncières.
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Swedbank Mortgage on Friday priced a Eu1.25bn five year jumbo at 130bp over mid-swaps and while the pricing it got could have been better, the issuer told The Cover, it was a price worth paying.
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Barclays Capital has restructured its capital markets business, bringing together its bond and loan businesses. The bank is also sending out one of its most highly respected bond syndicate bankers to run the Asian part of its global finance division.
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Deutsche Bank is expected to launch its debut Pfandbrief next week after the continental European public holiday on Monday and ahead of the expected release of details of the European Central Bank’s Eu60bn plan on Thursday. And it is not expected to be the only one.
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Investors have been relieved to hear that Bradford & Bingley has paid off a Eu2bn covered bond that was due on Monday, after a misunderstanding by one of the counterparties to the transaction resulted in speculation that the deal would be extended by a year. The episode has nevertheless raised questions about aspects of the UK framework.
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Swedbank Mortgage will this (Friday) afternoon price the first Swedish jumbo since the European Central Bank’s announcement three weeks ago, a Eu1.25bn five year mortgage-backed benchmark. And a further issue from non-euro Scandinavia could be on the horizon.
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Swedbank Mortgage is in the market this (Friday) morning with a five year mortgage-backed benchmark.
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Erste Group Bank yesterday (Wednesday) priced its debut jumbo Pfandbrief, which is also the first Austrian benchmark to be backed by mortgages and the first to be sold under the country’s mortgage bank law.