Europe
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Coventry Building Society has mandated leads for a roadshow ahead of a possible €500m seven year covered bond. The announcement follows further rates volatility and the withdrawal of most bids in the secondary market.
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SP Mortgage Bank got a strong response this week for its first covered bond, partly due to its defensive five year maturity, while Caffil did well to issue a 15 year deal despite soaring volatility.
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The European Commission this week announced a banking reform package that will result in changes to the CRR and CRD IV capital requirement legislation, as well as changes to the BRRD and SRMR legislation relating to recovery and resolution of failing financial institutions. The package is very broad, so we won’t attempt to comment on all of the measures. -
The European Commission has presented proposals for the treatment of covered bonds in the net stable funding ratio (NSFR) that are more favourable than those outlined by the Basel Committee and may hasten the adoption of soft bullet and conditional pass through structures.
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Autostrade per L’Italia hit the euro bond market for a long 10 year transaction on Thursday, selling to a euro investor base that is still cool on longer dated maturities.
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The UK Municipal Bonds Agency is looking to bring a medium dated sterling bond for its debut issue, which it hopes will come to the market in the next three months.
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UBS's former global head of DCM and client solutions has landed a new role at Citi, as head of markets and securities for Italy at the US bank.
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Chinese travel firm Ctrip has bought Edinburgh-based Skyscanner for £1.4bn, adding to the growing list of UK tech companies being sold to foreign investors.
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Oversea-Chinese Banking Corporation has established its $10bn covered bond programme, and with a top rating from both Moody’s and Fitch, it is only a matter of time before the bank issues its first covered bond.
