BBVA

Deutsche Bank’s Spanish subsidiary kept its commitment to issue around €2bn of Cédulas a year and on Wednesday launched a well-oversubscribed €1bn five year, even though the cost was much higher than the European Central Bank’s Targeted Long Term Refinancing Operation.

Covered bond supply surged to its highest levels in seven months this week, as issuers scrambled to raise funding before the end of the year and costs soar even further.

Issuers and their bankers have been too slow to react to the swift change in sentiment since the US election. Deals this week out of sync with investor demand from BBVA and ANZ proved it.

Caja Rural Navarra pushed ahead with its seven year Cédulas Hipotecarias backed by environmental and social governance assets on Wednesday, even though it knew the market was likely to be unreceptive.

Issuers and their bankers have been too slow to react to the swift change in sentiment since the US election. That oversight became glaringly obvious this week with deals from BBVA and ANZ, but the mood swing was clear well before that.

BBVA struggled to sell its €1bn Cédulas Hipotecarias issue on Monday because the maturity was too long and because of further rates volatility.

Caja Rural Navarra is planning the first green covered bond of the year. It follows a trio of covered bonds issued by Australian banks and the first transaction to be issued from Nordea in more than a year.

Caja Rural Navarra has mandated leads to roadshow an environmental and social governance (ESG) Cédulas Hipotecarias with an intermediate maturity.

Crédit Agricole issed a rare €500m 10 year public sector Obligations Foncières this week that was priced at the tightest spread for a French covered bond in more than a year and was the most highly subscribed in more than 18 months.

Spain’s real estate investment trust Merlin Properties on Tuesday sold its second issue in a market where most eyes turned to Danone’s €6.2bn jumbo deal.

Crédit Agricole's rare €500m 10 year public sector Obligations Foncieres was priced at the tightest spread for a French covered bond in more than a year and it was the most highly subscribed in more than 18 months.

Snam visited the euro corporate bond market for the second week in a row on Tuesday, issuing a €500m four year bond and clinching a 0% coupon for the offering.