Covered Bonds
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Eurohypo adopted a change of tactics with its latest covered bond this (Tuesday) morning. Having initially awarded a mandate for a five year public sector deal, the issuer has switched to a mortgage backed jumbo and pushed the maturity out beyond its original plans.
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Following the recent news that Landesbank Baden-Württemberg is planning to expand its presence in the Pfandbrief market to include mortgage backed issuance, The Cover spoke to the bank about its issuance plans and cover pool.
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Société Générale could be launching its debut public sector obligations foncières in the coming days, having mandated HSBC, SG and UniCredit as leads for the benchmark five year issue. Further obligations foncières supply is also rumoured in the three year maturity.
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Finland’s OP Mortgage Bank opened books on a new Eu1bn covered bond this (Tuesday) morning, hoping to use its shorter maturity to strike a different tenor from recent Nordic bonds that found the going tough in both the primary and secondary markets.
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The update to Spain’s cédulas framework is drawing to a close, with the final draft of the Bank of Spain secondary regulations expected to be circulated in the coming weeks, after concerns were raised about the initial draft.
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OP Mortgage Bank heads the list of candidates likely to tap the market next week, with the Finnish issuer possibly opening books as early as Tuesday after the UK and US holidays on Monday. There are rumours of further supply from different jurisdictions, but another potential issuer has opted for the senior unsecured market.