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Latest News
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Volatility turns FIG primary market into a tightrope
Turbulent conditions forced several banks to delay bond issuance plans this week, and one even pulled a transaction after launch. Deal flow is likely to pick up again soon, but the cost of funding is certain to be higher, writes Tyler Davies.
24 Sep 2020 -
PBB’s guaranteed coupon Sonia first attracts huge book
Deutsche Pfandbriefbank attracted more demand for its first Sonia-linked Pfandbrief on Thursday than it has for any covered bond it has ever issued. It was the first public deal from a financial institution with a guaranteed high coupon.
24 Sep 2020 -
Banks take more than expected in new TLTRO round
Take-up was higher than expected for the European Central Bank’s latest series of Targeted Longer-Term Refinancing Operations on Thursday. But an overall allotment of €174bn still paled in comparison with the last round, as banks showed they already had plenty of excess liquidity on their balance sheets.
24 Sep 2020 -
Norway to tighten mortgage lending after pandemic easing
Norway’s Ministry of Finance has said it will apply tighter mortgage lending standards from next week after temporarily loosening them to support the economy. The move, which was not unexpected in light of the resilient state of the economy and stubbornly high house price inflation, will minimise mortgage defaults.
23 Sep 2020 -
Debut pair line up euro covered bonds
Debut issuers Bausparkasse Schwäbisch Hall and Sumitomo Mitsui Trust Bank are marketing their inaugural covered bonds amid a pick-up in secondary market trading.
23 Sep 2020 -
Luminor, Bawag and Caixabank covered bond pools set for change
Luminor’s Estonian cover pool will have Latvian mortgages, Bawag’s Austrian cover pool will include Dutch mortgages. And once merger plans are fully completed, Caixabank’s cover pool will include those from Bankia, making it Spain's biggest, with a share of almost a third of the Spanish covered bond market.
22 Sep 2020 -
ESNs can help the ECB exit QE
If the European Central Bank (ECB) is serious about eventually scaling back its quantitative easing programme and encouraging a return to normal market funding, it will need all tools at its disposal. That suggests there is scope for an instrument that delivers a low cost of funding and supports the European economy. European Secured Notes (ESNs), which are likely to form part of the European Commission’s capital markets action plan, which is to be unveiled this Thursday, could provide the answer.
22 Sep 2020 -
Green finance’s ‘biodiversity explosion’ to serve transition
Green and sustainable finance is going through tumultuous change, as it crashes into the mainstream of capital markets, said speakers at the GlobalCapital Sustainable and Responsible Capital Markets Forum last week. They emphasised the importance of tying financing to credible transition plans.
21 Sep 2020 -
Covered bond secondary trading betrays weakness in some markets
Last week’s surge in covered bond issuance caused certain Norwegian deals to trade more softly by Monday. But traders viewed it as a buying opportunity, given robust technical backdrop.
21 Sep 2020 -
UK covereds tender offers grow alongside Brexit risks
Nationwide Building Society is buying back £2bn of covered bonds in euros and sterling. UK covered bond issuers are buying back securities as risks increase ahead of the end of the Brexit transition period.
18 Sep 2020
