Currencies

Danske Bank launched the first government-guaranteed deal for a Danish bank this (Wednesday) morning. Bayerische Landesbank opened books on a SoFFin-backed deal, while unguaranteed senior supply has reached new areas.

CIF Euromortgage is increasing its Eu1.03bn 4.5% December 2013 obligations foncières this (Tuesday) afternoon by Eu200m-Eu300m.

HSH Nordbank wrapped up its debut SoFFin-backed bond shortly before midday London time today (Tuesday).

HSH Nordbank today (Monday) opened books on a three year SoFFin-guaranteed benchmark deal at 0900 London time with guidance of 30bp over mid-swaps, which is where Commerzbank’s inaugural government-backed transaction was priced on Friday.

BNP Paribas wrapped up the first jumbo covered bond in four months yesterday (Thursday) afternoon, a Eu1.5bn five year at 110bp over mid-swaps. The deal affirmed the relevance of covered bonds in the post-crisis capital markets and bankers are hopeful that it will provide a cornerstone on which to build the asset class’s recovery.

Lloyds TSB in December executed £24bn (Eu25.1bn) of covered bonds off the two programmes it established last month. The 12 tranches were retained by Lloyds TSB, which led the issuance.

*This league table shows rankings for full-year 2008. We will, however, be double-checking the relevant data before publishing final standings. We will do so shortly.

Lloyds TSB has filed prospectuses for two covered bond programmes, The Cover has learnt since reporting yesterday (Thursday) that the UK bank was close to finalising its plans.

Lloyds TSB appears to have finalised its covered bond programme, according to a regulatory filing.

BNP Paribas this (Monday) morning launched the first public unguaranteed senior unsecured euro transaction since Lehman Brothers collapsed in mid-September. While bankers were pleased to see that unguaranteed funding for financial institutions is feasible, the deal did not convince everyone of the viability of jumbo covered bond issuance in the near future.

Italy’s Banca Carige signed a Eu5bn covered bond programme yesterday (Thursday).

Crédit Mutuel Arkéa, the second largest regional group of France’s Crédit Mutuel Group, is today (Friday) signing a Eu10bn covered bond programme at the company’s headquarters in Brest.