Covered Bonds
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DVB Bank, which specialises in international transport finance, is working on a ship Pfandbrief programme. The bank will also be looking at how the new asset class of Flugzeugpfandbriefe develops.
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The Finnish parliament is debating a government proposal for state guarantees for banks’ unsecured debt and The Cover understands that the guarantee is expected to be extended to covered bonds, as in Sweden but not most other countries.
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Standard & Poor’s yesterday (Wednesday) upgraded the ratings on the covered bonds of Nykredit Realkredit’s General Capital Centre from AA to AAA in light of a new rating approach. In addition, AAA ratings were assigned to all the other covered bonds issued by Nykredit and subsidiary Totalkredit.
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NIBC Bank has completed the transfer of German residential loans to its cover pool, which led Fitch to affirm the Dutch bank’s covered bonds at AAA today (Wednesday). [Story corrected to reflect completion of transfer.]
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Commerzbank is turning to German stabilisation fund SoFFin for a support package that includes the provision of up to Eu15bn of guarantees for funding, and HSH Nordbank is seeking up to Eu30bn of guarantees. The announcement of Commerzbank’s news was accompanied by the first details on fees for the guarantees.
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With only two months of the year to go and the prospects of issuance remote, Barclays Capital looks odds on to take the chequered flag in first position this year. But could UniCredit yet take inspiration from Formula 1 champion Lewis Hamilton and snatch victory at the final corner? -
The Austrian government yesterday (Monday) nationalised Kommunalkredit Austria, acquiring Dexia’s and VBAG’s stakes in the public sector lender, which is the country’s biggest issuer in the international covered bond market.
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Hypo Real Estate group is understood to have boosted the level of overcollateralisation for the mortgage cover pool of HRE Bank AG enough to avert a multi-notch downgrade by Fitch of the corresponding Pfandbriefe.
