Euro

Crédit Agricole executed its inaugural jumbo covered bond yesterday (Wednesday), a Eu1.25bn seven year deal priced at 135bp over mid-swaps. The deal is only the second jumbo since 8 September and marked a rare visit, from any type of issuer, to the seven year maturity.

CIF Euromortgage followed up its Eu230m tap on Tuesday with a Eu310m increase to its Eu1.1bn 4% October 2016 obligations foncières yesterday (Wednesday) to satisfy demand for longer dated paper.

Bayerische Landesbank and Danske Bank have priced their first government-backed senior unsecured issues on the back of larger order books and the next deals from Germany and Denmark are said to have been mandated for launch soon.

Danske Bank launched the first government-guaranteed deal for a Danish bank this (Wednesday) morning. Bayerische Landesbank opened books on a SoFFin-backed deal, while unguaranteed senior supply has reached new areas.

CIF Euromortgage is increasing its Eu1.03bn 4.5% December 2013 obligations foncières this (Tuesday) afternoon by Eu200m-Eu300m.

HSH Nordbank wrapped up its debut SoFFin-backed bond shortly before midday London time today (Tuesday).

HSH Nordbank today (Monday) opened books on a three year SoFFin-guaranteed benchmark deal at 0900 London time with guidance of 30bp over mid-swaps, which is where Commerzbank’s inaugural government-backed transaction was priced on Friday.

BNP Paribas wrapped up the first jumbo covered bond in four months yesterday (Thursday) afternoon, a Eu1.5bn five year at 110bp over mid-swaps. The deal affirmed the relevance of covered bonds in the post-crisis capital markets and bankers are hopeful that it will provide a cornerstone on which to build the asset class’s recovery.

Lloyds TSB in December executed £24bn (Eu25.1bn) of covered bonds off the two programmes it established last month. The 12 tranches were retained by Lloyds TSB, which led the issuance.

*This league table shows rankings for full-year 2008. We will, however, be double-checking the relevant data before publishing final standings. We will do so shortly.

Lloyds TSB has filed prospectuses for two covered bond programmes, The Cover has learnt since reporting yesterday (Thursday) that the UK bank was close to finalising its plans.

Lloyds TSB appears to have finalised its covered bond programme, according to a regulatory filing.