Euro
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Canadian Imperial Bank of Commerce priced the first negative yielding non Eurozone covered bond and attracted a comfortably oversubscribed order book with a tiny new issue concession.
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CaixaBank has announced a reorganization of its debt capital markets team, which will now be led by Ainhoa Landa — the former head of structured bonds syndicate. Landa will report to Ignacio Moliner, head of capital markets and corporate finance.
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With an oversubscription ratio of more than five times, Deutsche Hypo’s tap, issued on Friday, should put to rest qualms that have hindered supply of negative yielding covered bonds since Berlin Hyp’s ground breaking deal four months ago.
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Supply-starved investors pounced on new euro benchmarks from the European Stability Mechanism and Agence Française de Développement this week, the first since the UK’s Brexit vote. -
The conditional pass through (CPT) covered bonds issued by Aegon Bank should trade tighter than other Dutch CPTs, say analysts at Commerzbank research. Bankers say all CPT Dutch bonds should perform, as they are one of a few in core Europe that still offer a positive spread to mid-swaps.
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Piraeus Bank has become the third of the four largest Greek banks to update its covered bond programme in what is likely to be a prelude to issuance.
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Agence Française de Développement hit the sweet spot for supply-starved, yield-hungry investors on Wednesday with a 10 year euro benchmark.
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Nykredit, the Danish lender, has improved its loss absorbing capacity and rating outlook with new ‘tier three’ instruments that are expected to replace maturing junior covered bonds.
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The Eurosystem purchased fewer covered bonds last week than a week earlier reflecting a slowdown in primary activity twinned with increasing difficulty sourcing bonds in the squeezed secondary market. This has been most conspicuously felt at the long end of core markets where positive yields may soon disappear.
