Currencies
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With almost half of June’s new covered bond issues falling short of the Eu1bn jumbo requirement, the implications of Eu500m-plus issues are being grappled with by all sides of the market. Most market participants have adopted a constructive attitude toward the development, but with some investors wary of issuers’ motives, there appears to be near-unanimity on only one issue: the term “jumbolino” is not fit for purpose.
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A Eu1.25bn 15 year Crédit Agricole issue yesterday (Monday) provided the market with the strong transaction that it needed following the end of the European Central Bank’s covered bond purchase programme (CBPP), a syndicate official at one of the leads told The Cover.
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Crédit Agricole today (Monday) launched the first jumbo covered bond since the end of the European Central Bank’s purchase programme, offering investors the first Eu1bn-plus 15 year transaction of 2010.
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The European Central Bank reported a lower outstanding amount of covered bond purchases on its website today (Friday) than yesterday, but the unexpected fall is understood to represent a revision to the ECB’s numbers and not any change in policy.
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The European Central Bank this (Thursday) morning reported a Eu658m increase in the amount spent under its covered bond purchase programme (CBPP), the third highest day’s increase since buying began.
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The European Central Bank has completed its covered bond purchase programme (CBPP), it announced this (Wednesday) morning.
