Euro
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Obvion’s €1bn Purple Storm Dutch RMBS deal, which sold the entire capital stack, shows that despite the growth of whole loan portfolio sales, there is still interest in using securitization as a capital relief tool.
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KfW’s got a tap over the line with a tight price on Tuesday, but required a significant push from joint lead managers to do so. -
Spain blew through its latest auction target with sales of debt at five, nine and 15 years, thanks to a drastically reduced cost of funds.
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Bank Nederlandse Gemeenten placed its inaugural social bond on Wednesday sharing the socially responsible investment (SRI) sector with a tap from the International Finance Corporation. The Dutch agency now wants more of the same.
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The Asian debt market has had a slow but steady stream of deals since the Brexit vote on June 23, but Bank of China blasted the issuance window wide open on Tuesday with a $3bn five tranche, multi-currency transaction — the region’s largest international green bond. Max Bower reports.
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Covered bonds saw a relative improvement in flows on Thursday, but with a limited supply outlook and continued central bank buying, a technical squeeze had begun to take hold. CIF Euromortgage performed well after regaining preferential regulatory treatment.
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European ABS investors are set to get a rare slice of French RMBS, with GE Money Bank in France hitting the road with €2bn of French residential mortgages.
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Bank Nederlandse Gemeenten sold its first social bond on Wednesday, using the more captive investor base for socially responsible investments (SRI) than the usual SSA buyer crowd to achieve a tighter price.
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Asset encumbrance caused by covered bond issuance has increased over the past year, according to the European Banking Authority. However, there has not been much change in the overall level.
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The ratings of non-UK covered bonds that are partly backed with UK assets will not be affected by the downgrade of the UK from AA+ to AA, said Fitch on Wednesday. However, if the UK does not enter the European Economic Area (EEA) some Pfandbriefe could be affected according to an earlier report from Moody’s.
