Covered Bonds
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When the Federal Deposit Insurance Corporation’s and US Treasury’s covered bond announcements came out, David Lucterhand, chief of party at Access to Credit Initiative (ATCI) in Kiev, reacted by writing to colleagues: “Finally, somebody understands what we’ve been talking about for years!”
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In brief: iShares, the exchange-traded funds (ETF) provider managed by Barclays Global Investors, yesterday (Monday) launched the iShares Euro Covered Bond fund.
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The Association of German Pfandbrief Banks’ plan for market-making to be resumed in September provoked some strong reactions when it was announced last week. The Cover this (Tuesday) morning spoke to vdp executive director Louis Hagen about the association’s subsequent discussions with market-makers.
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Intesa Sanpaolo yesterday (Monday) launched a Eu8bn residential mortgage backed securitisation of which the Eu7.558bn class ‘A’ notes will be used by the bank as collateral for its covered bond programme, which it expects to launch in the coming months.
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National Bank of Greece is preparing to launch the first directly issued covered bond from Greece, after an amendment to the country’s bankruptcy legislation was passed last week that removed an obstacle to the bank’s plans. Hopes of opening up a second route to direct issuance have, however, receded.
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Chelsea Building Society’s covered bond plans have been in the works since well before the Bank of England set up its Special Liquidity Scheme, according to an official at the mortgage lender, and the institution is intending to issue in the public markets.
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Mike Hammond, head of capital markets and co-head of markets at UniCredit, recently spoke to EuroWeek’s Toby Fildes about the how the bank is faring in these challenging times. In this excerpt from that interview, he says that conditions have hurt competitors worse than UniCredit, and discusses the bank’s progress in covered bonds.
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*The second column in this table indicates movement compared to the rankings on 1 July 2008.