Covered Bonds

Pfandbriefzentrale der schweizerischen Kantonalbanken yesterday (Wednesday) issued the first Swiss Pfandbrief deal to be priced through mid-swaps this year.

Kookmin Bank met with investors in Singapore and Los Angeles today (Wednesday) as it kicked off the roadshow for its impending covered bonds, and the early feedback from some Asian investors, at least, has been encouraging.

Plans by the Dutch Financial Markets Authority (AFM) to tighten mortgage lending regulation could aggravate loan level loss severities in outstanding Dutch residential mortgage-backed securities and covered bonds, warned Fitch today (Wednesday).

Eurex Bonds has emerged as the frontrunner in the covered bond market’s search for an electronic system to help restore liquidity, transparency and confidence in the asset class. The Cover spoke to Laurent Ortiz, general manager of Eurex Bonds, about its plans for daily auctions.

Barclays Bank SA, the Spanish arm of the UK banking group, has issued cédulas hipotecarias for the first time.

Kookmin Bank will start a roadshow for its covered bond tomorrow (Wednesday), with pricing discussions between investors and lead managers set to take place in a vacuum.

Spain’s Council of Ministers on Friday approved a long-awaited royal decree that will bring into force secondary regulations that clarify and develop the country’s covered bond framework.

Moody's yesterday (Monday) placed on review for possible downgrade Swedbank’s long term debt rating and the senior rating of Swedbank Mortgage.