Currencies

Marfin Egnatia has launched the second Greek covered bond programme and the first to use a direct issue structure.

The Association of German Pfandbrief Banks (vdp) has relaxed the minimum standards for increases to jumbo Pfandbriefe to make it easier for issuers and dealers to offer paper in the illiquid market conditions. Some bankers were sceptical that the move would provoke much supply, but one was hopeful that it might presage a broader discussion about minimum jumbo standards.

After launching its first UK covered bond issues backed by UK mortgages, Bank of Ireland told The Cover that, sitting alongside its Irish asset covered securities issuance, the new programme will give it greater funding flexibility.

Unfazed by the new realities of a covered bond market characterised by wider spreads, Groupe Caisse d’Epargne moved quickly to take advantage of a window of opportunity when it saw one to launch its debut issue on Monday. The issuer told The Cover that while conditions might not be ideal, there is no guarantee they will get any better.