Covered Bonds
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Sparebank 1 Boligkreditt demonstrated that the five year part of the curve is open to the right deals by pricing a Eu1bn transaction this (Wednesday) lunchtime. The new issue also showed that covered bond issuers may find that paying up is the only way to compete for investors’ attention, as demonstrated by the level at which a potential new issue is being soft-sounded.
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HSBC, Natixis, Société Générale and UniCredit have been mandated to hold a European roadshow for HSBC Covered Bonds (France) later this month.
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CIBC showed that the covered bond market remains open despite investors’ apparent lack of enthusiasm for Germany public sector jumbo Pfandbriefe this (Tuesday) morning, quickly reaching oversubscription on a new issue. Encouraged by this, Sparebank 1 is entering the market this afternoon with a five year deal.
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Dexia Kommunalbank pulled a planned public sector jumbo Pfandbrief yesterday (Monday) afternoon after failing to generate sufficient demand, in a blow to the German sector, particularly given that it came on the day that inter-dealer market-making commitments had been resumed at the behest of the Association of German Pfandbrief Banks.
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Caisse de Refinancement de l’Habitat priced a Eu200m increase to its Eu1bn October 2017 issue this (Tuesday) morning, offering some rare long dated supply, albeit in a low profile transaction.
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In brief: Khreschatyk Bank has completed its Hr70m (Eu10.3m) three year mortgage covered bond issue, which is only the second deal from the country.
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The announcement of Commerzbank’s takeover of Dresdner overshadowed changes at Eurohypo that were announced yesterday (Monday), with a new chairman being appointed and a sharp reduction in the issuer’s profile in the jumbo market being revealed.
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Caixa Geral de Depósitos tapped its Eu2bn December 2016 issue for Eu150m through Lehman Brothers on Friday in its first public covered bond issuance in the benchmark market this year.
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Will Commerzbank’s tie-up with Dresdner spur a return to their glory days in the covered bond market? The Cover looks at where their combined total for the year puts them and which German banks are making the running in the league table.