Currencies

Panama-based Bladex became the second Latin American issuer to hit the increasingly popular Tokyo Pro-Bond market, whose flexibility is making access to yen easier for issuers.

Dr. Louis Hagen will succeed Jan Bettink as president of the Association of German Pfandbrief Banks (vdp).

The German and Spanish issuers provided the main focus in the FIG market on Thursday, respectively pricing a €500m 10 year and a €1bn eight year, which were both easily sold.

Four covered bond borrowers are expected to price deals on Wednesday and take advantage of strong market conditions before a series of potentially market moving events later in June.

WL Bank was unable to sell a €250m nine year deal on Monday. Despite the fact it offered nearly 40bp over Bunds and a modest premium against its own curve, rival bankers described it as “stupidly expensive.”

German and Austrian covered bond issuers are expected to benefit if the Austrian government’s most recent offer for partial repayment of Heta Asset Resolution’s senior and subordinated debt is accepted by its creditors. Despite the more positive outlook, the loss of trust may take years to repair and for the time being Austrian covered bonds are unloved.

Delta Lloyd has announced a prime RMBS that is fully backed by Nationale Hypotheek Garantie (NHG) mortgage loans. Although these loans are less risky, the supply of them may fall due to new European regulations, said analysts at Rabobank.

TwentyFour Asset Management’s listed closed-ended UK Mortgages Limited fund muscled in on the UK RMBS market on Wednesday with a debut securitization of buy-to-let mortgages.

CBIC has responded to the European Commission’s consultation on covered bonds with a host of recommendations on transparency. It has requested further improvements to the European Covered Bond Council’s Harmonised Transparency Template (HTT).

The European Central Bank has stepped back covered bond purchases despite much higher supply so far this year compared to last.

NIBC Bank issued the longest ever maturing conditional pass-through (CPT) covered bond from a bank in Europe’s core on Tuesday. The granular order book and modest new issue concession suggested that market conditions have stayed strong.

NIBC has mandated leads for a 10 year conditional pass through covered bond (CPT), the longest ever seen from a Dutch bank. The issuer follows Aegon Bank which last week saw exceptionally strong demand for its €500m seven year.