Currencies

Bank of New Zealand has mandated leads to roadshow its first euro benchmark in four years. It joins Westpac New Zealand and SR Boligkreditt which are also marketing deals.

UK banks Santander and TSB issued prime RMBS on Thursday and Friday last week, respectively. Meanwhile, UK Mortgages Limited has announced a third RMBS backed by mortgages originated by Coventry Building Society.

Banca Carige may follow the example of Portugal’s Montepio, which on Friday said it would restructure its covered bond programme to a conditional pass-through (CPT), resulting in a three notch upgrade. The Italian bank’s bonds were junked by Fitch on Thursday, and with access to primary markets at risk, it may copy Monte dei Paschi Siena which switched to a CPT last year.

Moody’s has talked up the positive credit aspects of Turkish covered bonds in an in-depth report which it published on Thursday. However the agency says Turkish covered bonds remain susceptible to tail event risks such as the political environment — a point which locals dispute.

The People’s Bank of China (PBoC) is likely to issue its planned onshore bond denominated in special drawing rights (SDR) as a multi-currency structured note, according to industry participants.

Leaving the EU would harm the UK, Europe and the capital markets of both. There. We’ve said it even if you won't.

A recent survey of more than 80 investors undertaken by Crédit Agricole research suggests this year’s supply is unlikely to be greatly affected by the cheap funding provided under the European Central Bank’s Targeted Long Term Refinancing Operation. But with year-to-date supply so well advanced, the weekly average stands to halve.

Demand for supranational and agency paper in Turkish lira is proving strong despite political tensions in the area.

The bank that issued the first jumbo Pfandbrief, a transaction that sparked a transformation of the covered bond market from its parochial German roots into a globally renowned asset class, has finally been wound down.

Aegon Bank has mandated joint leads for a seven year, the fourth Dutch covered bond of the year and the second with a conditional pass-through mechanism.

After recently issuing its debut RMBS, TSB Bank, the UK bank that was spun off from Lloyds, has filed vehicles suggesting it will turn to covered bonds.

The French government is expected to unveil a draft amendment to its covered bond laws, aligning the Société de Crédit Foncier (SCF) and Société de Financement de l’Habitat (SFH) frameworks, which should mainly benefit Axa Bank.