Europe
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Piraeus Bank has cancelled its covered bonds which, along with all other Greek covered bonds, are no longer eligible for funding under the European Central Bank’s Emergency Liquidity Assistance facility. The move comes after ECB raised ELA collateral haircuts to a rumoured 45% with a warning that it may cut liquidity off completely two weeks from now.
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The proportion of residential mortgages in Spanish Multi-Cédulas (MC) has risen, leading to an improvement in their credit quality, Fitch said on Tuesday.
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Markets could be facing a protracted period of uncertainty, as a Greek exit from the euro seems more likely after the “No” vote in Sunday’s Greek referendum. The Eurogroup is expected to hold a summit on Tuesday when it will become clear whether or not there is a political will to do a new deal with Greece. Risk aversion should ultimately favour covered bonds, but borrowers will need to price deals cautiously.
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Read on to find out how selected European sovereigns are faring in their funding progress this year. -
The Greek Prime Minister’s decision to provide voters with an opportunity to reject the country’s bailout conditions in a referendum is an unusual move, but not without precedent.
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It's been a good week for Europe's renminbi ambitions with the State Administration of Foreign Exchange (Safe) extending a Rmb50bn RMB qualified foreign institutional investor (RQFII) quota to Hungary, while China Construction Bank (CCB) listed its RQFII ETF on Paris’ Euronext.
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The Budapest branch of Bank of China was appointed by People's Bank of China as the official RMB clearing bank in the country on June 27, PBoC said in a statement.
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Santander has issued European covered bonds from Spain, Portugal and UK but could soon be about to issue Obligations Foncières from a new French programme. However, the sub benchmark sized deals are likely to be placed with the ECB said bankers.
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Italian Banca Monte dei Paschi di Siena S.p.A (Monte) has changed the structure of all its outstanding covered bonds from hard bullet to conditional pass through (CPT). The success of the consent solicitation may encourage others to follow.
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All but one of Afren's directors resigned on Thursday, ahead of the firm’s annual general meeting, pre-empting what some shareholders had expected would be a bloodbath vote for any historical director seeking re-election.
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