Covered Bonds
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Banco BPI opened books on its first covered bond this (Monday) morning, surprising many market participants who had expected the weak tone in the credit markets and summer holidays to dampen issuance. However, even more supply could emerge, with a public sector Pfandbrief being soft-sounded.
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The Cover and EuroWeek will be celebrating the best institutions and deals in the covered bond market at our annual awards dinner on 25 September at the George V in Paris. Here we list the categories that will be voted on shortly and those that require nominations.
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A Sfr200m four year deal for Compagnie de Financement Foncier launched yesterday (Thursday) proved attractive versus competing senior unsecured supply in the Swiss franc market.
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When I accepted a job on the The Cover last September, I foolishly assumed it was just your regular triple-A asset class. From the moment I touched down in Berlin for the Euromoney/ECBC conference, I realised how naïve I’d been.
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Bank of America and Washington Mutual have welcomed the Federal Deposit Insurance Corporation’s final covered bond policy statement. WaMu told The Cover that it will adjust its collateral pool to seek FDIC eligibility and a boost for the ratings of its programme.
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Alpha Bank has executed the first Greek covered bond issue, and will settle the deal off its new programme tomorrow (Friday). [Updated to include deal size, maturity.] -
The Federal Deposit Insurance Corporation’s final covered bond policy statement has been given a lukewarm welcome by market participants and observers who had been hoping that the regulator would lay the foundations for a broader, larger market and give covered bond-holders even greater privileges than those promised in the interim version.
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Nationwide looks set to join its UK peers in issuing residential mortgage backed securities alongside covered bonds, having set up a £20bn (Eu25.2bn) RMBS programme for Silverstone Master Issuer plc.
