Currencies
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La Caixa tapped into the tighter levels in the covered bond market to increase a five year cédulas hipotecarias by Eu750m yesterday (Thursday), rounding off what has been the busiest ever July for the euro jumbo market.
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La Caixa is today (Thursday) tapping a Eu1.25bn five year cédulas hipotecarias it launched on 14 May well inside the level at which it was first executed.
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Covered bond market participants can enjoy their summer holidays safe in the knowledge that Standard & Poor’s will not publish its updated criteria for rating covered bonds before September “at the earliest”.
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In brief: Société Générale SCF yesterday (Thursday) increased its Eu1bn 4% July 2016 obligations foncières by Eu250m.
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In brief: Deutsche Hypothekenbank AG Hannover Berlin yesterday (Wednesday) priced a Eu500m three year mortgage Pfandbrief.
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Compagnie de Financement Foncier today (Wednesday) increased its October 2012 obligations foncières by Eu800m.
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A Eu1.45bn five year AyT Cédulas Cajas issue confounded sceptics by becoming the first multi-cédulas benchmark to have been successfully placed since November 2007 yesterday (Tuesday). One market participant even went so far as to describe it as marking a return to business as usual – albeit at wider levels.
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Caixa Económica Montepio Geral priced its inaugural covered bond, a Eu1bn three year mortgage-backed deal, on Friday. It was the first Portuguese jumbo without a triple-A rating from Moody’s, but the issuer told The Cover that investors did not seem overly concerned about this.
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Dexia Kommunalbank today (Monday) increased its June 2014 public sector Pfandbrief by Eu500m.
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On Friday we analysed how lead managers’ league table performances in the first half of the year differed before and after news of the European Central Bank’s covered bond purchase programme emerged. In light of feedback we received after this was published, we would like to remind readers that the analysis focused on H1 2009 performance and did not include issuance up to and including last Friday. Today (Monday) we publish a euro jumbo league table based on year-to-date issuance.
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Caixa Económica Montepio Geral will today (Friday) price its inaugural covered bond issue, a Eu1bn three year mortgage-backed deal rated Aa1/AAA.
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BNP Paribas yesterday (Thursday) priced a Eu1.25bn four year covered bond, the third to be launched off the issuer’s Home Loan programme this year, inside guidance. The completion of the deal ushers in a summer break from the covered bond market for the issuer.