Covered Bonds
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The Federal Deposit Insurance Corporation yesterday (Tuesday) afternoon revealed its final covered bond statement, which will be the foundation of the US covered bond market. However, the final version contained few changes to the FDIC’s initial draft and dashed the hopes of several interested parties.
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Hungary’s FHB Mortgage Bank priced the first bond off its new Eu3bn mortgage securities and MTN programme yesterday (Tuesday) afternoon. The deal, which broke new ground in several respects for FHB, was pushed to the wide end of guidance against a backdrop of troubled global financial markets.
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The Cover has learnt that two new non-issuer representatives have been picked to replace existing members of the European Covered Bond Council’s steering committee.
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The Federal Deposit Insurance Corporation revealed its final covered policy statement this (Tuesday) afternoon in Washington, making few changes to the interim version, but setting the foundations for the development of the US covered bond market. Here are the main details addressed by the FDIC at its board meeting.
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In brief: FHB Mortgage Bank has opened book on a new Eu100m covered bond from its Eu3bn mortgage securities and MTN programme. Price guidance of the 125bp over Euribor area was selected on the July 2011 FRN.
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With more and more UK issuers encouraged to register covered bond programmes by the UK’s new legislative environment and the Bank of England’s Special Liquidity Scheme, The Cover spoke to The Co-operative Bank about its issuance plans and its thoughts on the new framework.
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In the interests of a stronger, more united Europe The Cover’s One-to-One Committee today (Tuesday) took the executive decision to turn its back on potentially divisive pursuits such as football and instead focus on the ECBC body that brings together as one the great and good of the covered bond market: the steering committee. However, no sooner had we taken this virtuous decision than things started getting a bit hairy...
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The US authorities’ intervention to stop Fannie Mae and Freddie Mac from failing and other positive news today (Monday) has been welcomed, but appears unlikely to be sufficient to encourage any jumbo covered bond supply this week. It could, however, let investors sleep easier in their hammocks.
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If the US covered bond market is going to achieve the goals held out for it by the Treasury and others, it will need to win around a key constituency that has so far only engaged minimally with the asset class: US investors. The Cover asked John Cerra, managing director at TIAA-CREF, for his views on developments in the US and whether he could be won round to the product.