Euro

Ahorro Corporación Financiera launched the largest 10 year Spanish covered bond since July 2007 yesterday (Tuesday), a Eu500m AyT Cédulas Cajas issue. An ACF official told The Cover that the size matched investor and savings bank interest in the transaction.

SpareBank 1 Boligkreditt priced the first Norwegian jumbo since September 2008 yesterday (Tuesday) afternoon, a Eu1bn three year deal that the issuer told The Cover made good on its commitment to benchmark covered bond issuance every year.

New issues from Spain and Norway launched this (Tuesday) morning after UBS’s second benchmark covered bond yesterday (Monday) are making this week busier than most market participants had been expecting.

Denmark’s mortgage banks will be auctioning around Dkr550bn (Eu73bn) of covered bonds over the course of the industry’s annual December auctions, almost twice the amount sold through the auctions last year. But demand is “huge”, said one analyst familiar with the auctions.

UBS is set to price only its second covered bond, after having built an oversubscribed order book this (Monday) morning for a 10 year follow-up to its five year debut of September. And the first Norwegian euro benchmark of the year is expected tomorrow (Tuesday).

CIF Euromortgage yesterday (Thursday) priced a Eu1.25bn April 2012 obligations foncières issue at 10bp over mid-swaps, matching Compagnie de Financement Foncier in achieving the tightest level for a benchmark covered bond this year. Meanwhile, Caja Murcia’s issuance plans are understood to be on hold.

CIF Euromortgage is set to price an April 2012 benchmark at the tight end of guidance this (Thursday) afternoon after having built a book of around Eu1.5bn for the new issue.

Danske Bank is pricing the longest dated euro benchmark from the Nordic region at the tight end of guidance this (Wednesday) afternoon after the transaction met with a strong reception.

Three-quarters of a Eu500m five year Ibercaja cédulas issue launched yesterday (Tuesday) was sold to domestic investors, according to a banker at one of the leads, with the approaching year-end and non-jumbo format limiting the potential investor base for the deal.

Ibercaja has closed the order books for a Eu500m five year cédulas issue, which is due to be priced at the tight end of guidance later today (Tuesday).

Westdeutsche Immobilienbank sold its second Eu500m three and a half year Pfandbrief in five months yesterday (Monday). The redemption of its only outstanding jumbo next Monday was a key factor in the execution of the deal, an official at WestImmo told The Cover, but he said that the uncertain future of the issuer was not.

Westdeutsche Immobilienbank has wrapped up a Eu500m three and a half year issue this (Monday) morning and Ibercaja is soft-sounding for a similarly sized five year deal.