Currencies
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German accounts have been exerting a greater influence on the jumbo covered bond market this week, even if French issuers continued to be the main players and supply remained confined to taps.
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The debut cédulas hipotecarias issued last week by Barclays Bank SA, the Spanish arm of the UK banking group, are part of a wider funding strategy of “maximising securitisability” of the bank’s balance sheet, a treasury official at the issuer told The Cover.
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Caisse de Refinancement de l’Habitat increased its Eu1.2bn October 2017 issue by Eu250m yesterday (Thursday) afternoon, while CIF Euromortgage tapped a Eu1.5bn October 2016 deal for Eu110m.
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Taps are the order of the week in the covered bond market, with at least four expected to have been completed by tomorrow (Friday).
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Two obligations foncières issuers yesterday (Thursday) tapped outstanding deals, while a third French institution this week placed covered bonds with dollar investors.
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Münchener Hypothekenbank today (Thursday) became the fifth institution to tap outstanding issuance this month, with flows in jumbo covered bonds proving encouraging, and another tap is said to be underway.
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The recent trend of covered bond issuers tapping outstanding jumbos continued today (Tuesday), while one French name is said to have this week tested investor sentiment for a new issue.
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Société Générale SCF is increasing its recent Eu1.25bn 10 year public sector obligations foncières issue by Eu1bn after encountering strong real money demand for the tap. Meanwhile a rare, if modest and privately placed, dollar issue was executed yesterday (Wednesday).