Euro

BNP Paribas is expected to price its Eu2bn two year structured covered bond today (Wednesday) at 4bp over mid-swaps.

Compagnie de Financement Foncier priced the largest ever obligations foncières issue this (Wednesday) morning, a Eu2.5bn 10 year jumbo that reopened the long end of the covered bond market.

SEB is set to swim against the tide of domestic opinion with the launch of its inaugural euro denominated covered bond in mid-November. Other Swedish issuers have favoured the strong domestic market over the new pricing levels in euros, but SEB is expecting euro spreads to tighten between now and mid-November.

Compagnie de Financement Foncier has opened the books for the longest dated jumbo covered bond since the credit market volatility shut the market down in mid-August.

Swedish bank SEB is to issue its debut euro covered bond.

Caisse de Refinancement de l’Habitat (CRH) has completed a Eu700m increase to its October 2015 issue on the back of a Eu1.2bn order book. Guidance started at 7bp over mid-swaps and was tightened to plus 6bp three and a half hours after books opened this morning.

Landesbank Rheinland-Pfalz’s Eu500m five year public sector Pfandbrief was the only new issue today, with the market quiet ahead of tomorrow’s holiday in Germany.

Compagnie de Financement Foncier reopened the obligations foncières sector today with a Eu1bn five year issue priced at mid-swaps flat that confirmed the covered bond market’s recovery.

Erste Bank launched its first euro denominated public sector backed covered bond in the international market yesterday (Thursday), a two year floating rate note that was increased from Eu100m to Eu150m and then Eu160m on the back of strong demand.

Caisse de Refinancement de l’Habitat expects to price a Eu2bn three year issue this (Thursday) afternoon, which will be its first transaction to include a market-making commitment.

Landesbank Baden-Württemberg priced its largest ever jumbo Pfandbrief today (Thursday), a Eu2bn five year public sector issue that has reinforced the reopening of the primary covered bond market.

Landesbank Baden-Württemberg will launch the first jumbo Pfandbrief since the market ground to a halt this summer, a five year public sector deal mandated to Citigroup, LBBW and UniCredit. Early talk suggests a spread of mid-swaps flat.