Covered Bonds
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Norddeutsche Landesbank is planning to issue a guaranteed benchmark issue via Dresdner Kleinwort, DZ Bank, HSBC, Nomura and NordLB under a guarantee scheme that is backed by not the German Financial Markets Stabilisation Fund, SoFFin, but its owners, Lower Saxony and Saxony-Anhalt.
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The rating agencies have delivered their verdicts on the merger between Britannia Building Society and The Co-operative Bank, and the outlook for the enlarged mutual.
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Yesterday (Wednesday) Bayerische Landesbank printed what is believed to be the first publicly sold Pfandbrief issue since Lehman Brothers collapsed. The Sfr150m (Eu100m) three year public sector backed deal also marks a return to publicly sold foreign currency issuance for covered bonds in general.
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Pfandbriefzentrale Schweizerischen Kantonalbanken priced a dual tranche bond this (Wednesday) morning in the five and 10 year tenors.
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Crédit Agricole is in the market today (Wednesday) with its inaugural jumbo covered bond and only the second from any issuer since 8 September. It has been building books on the seven year deal at guidance of 125bp-135bp over mid-swaps.
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In this roundtable, representatives of Canada's leading banks exchanged their views on the prospects for covered bonds in the country, and on how Canada’s economy, banking sector and mortgage market are very different from those of its neighbour.
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Landesbank Baden-Württemberg yesterday (Monday) resumed its recently-introduced weekly auctions of Pfandbriefe after a break over the holiday season. The results highlighted the difference in valuations of Pfandbriefe between domestic and international accounts.
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Moody's yesterday (Monday) downgraded Anglo Irish Bank Corporation’s long term debt rating from A1 to A2 after the Irish government announced it is nationalising the bank. The outlook on the rating is negative.
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In brief: Crédit Agricole is discussing a potential debut public covered bond issue this (Tuesday) morning. Any deal would be the second jumbo this year, after BNP Paribas opened the market with the first issue since September 2008.