Euro

BNP Paribas this (Monday) morning launched the first public unguaranteed senior unsecured euro transaction since Lehman Brothers collapsed in mid-September. While bankers were pleased to see that unguaranteed funding for financial institutions is feasible, the deal did not convince everyone of the viability of jumbo covered bond issuance in the near future.

Italy’s Banca Carige signed a Eu5bn covered bond programme yesterday (Thursday).

Crédit Mutuel Arkéa, the second largest regional group of France’s Crédit Mutuel Group, is today (Friday) signing a Eu10bn covered bond programme at the company’s headquarters in Brest.

Marfin Egnatia has launched the second Greek covered bond programme and the first to use a direct issue structure.

The Association of German Pfandbrief Banks (vdp) has relaxed the minimum standards for increases to jumbo Pfandbriefe to make it easier for issuers and dealers to offer paper in the illiquid market conditions. Some bankers were sceptical that the move would provoke much supply, but one was hopeful that it might presage a broader discussion about minimum jumbo standards.