Covered Bonds
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After launching its first UK covered bond issues backed by UK mortgages, Bank of Ireland told The Cover that, sitting alongside its Irish asset covered securities issuance, the new programme will give it greater funding flexibility.
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In brief: Barclays Bank has replaced Bradford & Bingley as interest rate swap provider for B&B’s covered bond programme.
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Covered bond issuers from different jurisdictions were united in complaining that investors are not paying attention to the real quality of their assets in a panel at the Euromoney/ECBC Covered Bond Congress in Paris today (Thursday). However they differed in describing the likelihood of them issuing in the foreseeable future.
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“Things will never be the same.” This was the consensus among speakers on the “Liquidity: issuers’, investors’ and dealers’ perspective” panel at the Euromoney/ECBC Covered Bond Congress in Paris today (Thursday). But views on the strategies to deal with the disappearance of liquidity varied.
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Two RBS bankers went straight to the heart of one of the central debates in the covered bond market at the Euromoney/ECBC Covered Bond Congress in Paris this (Thursday) morning, debating whether the asset class is a rates or a credit product.
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Fitch and Standard & Poor’s yesterday (Tuesday) took negative rating actions on Bradford & Bingley and its covered bonds, citing concerns over the quality of the mortgage lender’s assets and its access to funding. However, signs that the bank is making some progress in dealing with some of its problems have since emerged.
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Bank of Ireland has set up a Eu15bn UK mortgage covered bond programme under which it has launched eight series with a volume of £500m each.
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Toronto-Dominion Bank is setting up a Eu10bn covered bond programme that will be backed entirely by residential mortgages insured by the Canada Mortgage & Housing Corp. The move follows CIBC's similarly structured debut earlier this month, which signalled a change in direction for the Canadian covered bond market.
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Issuers of Portugese covered bonds have worked hard to market their product internationally. An important aspect of the investor education has been to differentiate the product from Spanish cédulas, crucial given that Spain’s housing market has deteriorated so much. In this special report from EuroWeek, Philip Moore analyses an oft-misunderstood product that shows much promise.