Covered Bonds
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For once this year issuers are regarding the covered bond market in the same light as the senior unsecured market. But rather than showing greater flexibility towards the secured product, financial institutions have been taking a breather from issuance altogether.
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Unione di Banche Italiane (UBI Banca) has mandated Barclays Capital, Deutsche Bank, Natixis and Société Générale for its debut covered bond. The group will be roadshowing from 30 June to 7 July.
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The hiatus between the quarter and semi-finals of Euro 2008 was being matched by a break in the primary market today (Monday), but unlike the football, which is due to kick off again on Wednesday, the break in jumbo issuance could be more prolonged.
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From EuroWeek's special Landesbank report: Philip Moore looks at how Landesbanks have adapted their funding strategies since the loss of state guarantees and reveals how they are coping with the credit crisis.
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From EuroWeek's special Landesbank report: Perhaps more so than in any other European market, the aftermath of the subprime crisis exposed with brutal clarity many of the shortcomings of the German banking industry. Philip Moore investigates what the Landesbanks are doing to protect themselves and build for a stronger and more profitable future.
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With core issuers finding the levels on offer in the euro primary market unattractive, French and German issuers this week looked to the Swiss frank market. Meanwhile a domestic covered bond issuer took advantage of local familiarity to find cheap 10 year funding that banks elsewhere Europe can only dream of.
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The French are keeping the lowest possible profile, the Spanish have reached new heights and the Germans are ahead of everybody else. Yes, our resident economist’s regression analysis proves that success on the football pitch and in the covered bond market are perfectly correlated, and we’ve got the r-squared value to prove* it…