Covered Bonds
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The International Capital Market Association today (Wednesday) announced the formation of the Covered Bond Investor Council (CBIC), a new group aimed at promoting investors’ interests in the covered bond market.
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Update: Caisse de Refinancement de l’Habitat hopes to price a new Eu1bn 10 year jumbo covered bond shortly, having already attracted orders of more than Eu1bn after opening books at 1230 CET today (Wednesday).
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In brief: Caisse de Refinancement de l’Habitat is in the market with a new 10 year jumbo issue.
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Pfandbriefbank schweizerischer Hypothekarinstitute priced two deals yesterday (Tuesday), with the exercise marking something of a return to business as usual after the institution’s recent financing arrangement for Switzerland’s two big banks.
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Skandinaviska Enskilda Banken confirmed the growing recovery of the jumbo covered bond market yesterday (Tuesday), pricing the first Scandinavian benchmark in six months. And the issuer suggested that others who do not pay the spreads now necessary to tap the market are deluded.
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The Cover understands that a group of market-makers met with Bloomberg and Eurex Bonds last Tuesday (17 March) under the auspices of the European Covered Bond Council’s market related issues working group to discuss progress towards new electronic trading systems for the covered bond market.
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Moody’s yesterday (Monday) downgraded Terra Boligkreditt’s covered bonds from Aaa to Aa2 and placed them on review for further downgrade.
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The ever dwindling appetite for Spanish government-guaranteed paper was clearly evident yesterday (Monday) as Cajamar just about got a Eu1bn deal over the line, but another mandate is already out.
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The Cover and EuroWeek, in co-operation with Goldman Sachs, have produced the fourth annual Covered Bond Markets map. An interactive online version is now available alongside the familiar print format.
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Skandinaviska Enskilda Banken is due to price a Eu1bn five year mortgage-backed benchmark later today (Tuesday). Market participants have been encouraged to see a jumbo from a new jurisdiction and were today working out just what the implications of the deal are for other potential issuers.