Covered Bonds
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*This week, all league tables will rank lead managers according to performance from 16 August 2007 to 16 August 2008 and compare them with rankings for the prior year.
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Alliance & Leicester yesterday (Monday) priced only the second UK residential mortgage backed securities issue of the year to be placed with third party investors, offering a hint of respite to the UK banking sector. Meanwhile Nationwide Building Society is setting up an Irish operation that will give it access to European Central Bank funding.
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*This week, all league tables will rank lead managers according to performance from 16 August 2007 to 16 August 2008 and compare them with rankings for the prior year.
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Early last November, The Cover ran a league table of banks’ performances in leading benchmark issuance in the months after 16 August 2007 – the day the crisis hit home in the covered bond market by causing the first serious disruption to inter-dealer market-making. Some banks attacked that ranking as unrepresentative given the irregular timeframe – so today, a full year into the crisis, we have updated that league table.
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In brief: Westpac New Zealand is reported to be working on a covered bond programme, something that its Australian parent cannot do given the Australian Prudential Regulatory Authority’s opposition to use of the funding instrument.
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Skandinaviska Enskilda Banken AB has mandated Deutsche Bank, Goldman Sachs, SEB and UBS to launch a new mortgage backed benchmark in the coming weeks once the holiday season has drawn to a close.
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*This week, all league tables will rank lead managers according to performance from 16 August 2007 to 16 August 2008 and compare them with rankings for the prior year.
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Mervyn King, the governor of the Bank of England, delivered a stern put down to supporters of proposals to lift the UK mortgage funding market this week, disappointing those charged with mortgage financing.