Covered Bonds
-
The speed at which the US authorities have moved to create the preconditions for covered bond issuance has been nothing short of breathtaking. However, unless market participants can find the final key to unlocking the market, it will all have been in vain.
-
Kookmin Bank, South Korea’s largest bank, is considering launching the first covered bond from the country. Any issue could also be the first covered bond from Asia, with Shinsei Bank of Japan’s debut having been postponed for a second time at the start of this month.
-
US Treasury secretary Hank Paulson yesterday (Monday) laid out guidelines for covered bond issuance in a co-ordinated move with regulators, current and potential issuers, and intermediaries that is aimed at kick-starting the covered bond market in the US. Some market participants are now hopeful that several issues could emerge this year, with three new issuers in the pipeline.
-
The Securities Industry & Financial Markets Association, leading broker-dealers and Tradeweb yesterday (Monday) announced plans to ensure that any covered bonds issued on the back of the Treasury’s Best Practices will have the infrastructure and support necessary to ensure a functioning, liquid market.
-
In brief: Standard & Poor’s today (Monday) assigned a triple-A rating to the GCE Covered Bond programme. It simultaneously withdrew the triple-A rating that had been given to a standalone transaction on a preliminary basis in May.
-
-
Korea’s Financial Services Commission has said it will lower barriers that prevent banks from issuing covered bonds as part of a package of moves aimed at deregulating the country’s capital markets, according to reports in the South Korean press.
-
*A number of retained deals have been excluded from the data used to compile this table. As a result, the totals and rankings may therefore not be directly comparable to the information contained in the last update on 20 June. Ranking movement has therefore not been displayed in the above table.
-
In brief: The Cover has uncovered evidence of discrimination by the European Covered Bond Council against those sporting facial hair. In the interest of a free and fair covered bond market we today publish the incriminating e-mails.
-
This week’s deals for Banco BPI and Depfa Deutsche Pfandbriefbank both succeeded in overcoming investors’ summer slumber, but produced quite different results. Just what they say about the feasibility of new issuance for others eyeing the market is not wholly encouraging.