Covered Bonds
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Having postponed its launch of the first Japanese covered bond in February, Shinsei Bank has modified its issuance strategy – but not its structure to address the needs of the market. The Cover spoke to Shinsei’s group treasurer about its debut, which is due to be priced in the coming weeks.
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Shinsei Bank's covered bond, the first from Japan, should hit the market soon after the issuer registered the deal again today (Wednesday).
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An unlikely candidate reopened the covered bond market this (Wednesday) morning, with Banco Pastor opening books on a two year cédulas hipotecarias with price guidance that made it the widest ever publicly offered covered bond.
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England nowhere to be seen and Germany favourites? If it’s not the covered bond market, it must be the European Championships. Time to bring out the national stereotypes! But hold on, is all that tiki taka paying off at last?…
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Aktia has successfully gained the consent of noteholders to change the provisions of its covered bonds with respect to maturity and repurchases after it was granted extra flexibility by Moody’s in the way it runs its programme.
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The first Greek covered bond appears to be approaching, with Alpha Bank expecting to finalise its programme by the end of this month and possibly giving a hint of the way in which the country’s issuance will be structured.
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In brief: Standard Life Bank has joined the throng of UK mortgage lenders turning to covered bonds, having incorporated Standard Life Covered Bonds LLP on Monday.
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In brief: German finance minister Peer Steinbrueck last week told a meeting of the Association of German Pfandbrief Banks that aircraft Pfandbrief would be allowed under the planned change to the Pfandbrief Act.