Covered Bonds
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HSH Nordbank looks set to be the first German bank to launch a SoFFin-backed issue after the German financial markets stabilisation fund apparently gave the bank the go-ahead to launch its deal. Meanwhile there is even the first hint of jumbo covered bond supply.
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Euro denominated mortgage bonds issued by Danish covered bond institutions through a new Luxembourg-based central securities depositary have been approved as collateral for loans with the European Central Bank.
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*This league table shows rankings for full-year 2008. We will, however, be double-checking the relevant data before publishing final standings. We will do so shortly.
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Lloyds TSB in December executed £24bn (Eu25.1bn) of covered bonds off the two programmes it established last month. The 12 tranches were retained by Lloyds TSB, which led the issuance.
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*This league table shows rankings for full-year 2008. We will, however, be double-checking the relevant data before publishing final standings. We will do so shortly.
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Landesbank Baden-Württemberg is attempting to overcome some of the hurdles in selling covered bonds in the primary market by auctioning Pfandbriefe on a weekly basis to institutional investors and banks. It has suggested that the procedure might be taken up by other issuers.
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Senior unsecured bank issuance guaranteed by the German financial markets stabilisation fund, SoFFin, looks set to be one of the early focuses of the market this year, with three deals said to be nearing launch.
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Fitch has put Wüstenrot Bank AG Pfandbriefbank’s public sector Pfandbriefe on rating watch negative on concerns that the issuer may not have sufficient liquidity in its public sector cover pool to repay the respective Pfandbriefe maturing in January unless the issuer takes remedial action, the rating agency said in December.
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UBS is raising a loan secured against a pool of its mortgages from Pfandbriefbank Schweizerischer Hypothekarinstitute, which is funding the loan by selling mortgage bonds backed by the collateral to a group of Swiss financial institutions.
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Canada’s credit unions are setting up a covered bond programme that will take the multi-seller model developed in Europe to the North American marketplace. The project already has provisional regulatory approval and an advisor has been appointed.
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A report published by the European Central Bank on Wednesday highlights the important role covered bonds play as a funding source for mortgage lending, and the need for market participants and regulators to ensure that the covered bond market can continue to fulfil this role in the future.
