GC Asia
Latest News
-
Covered bond squeeze feared as ECB ramps up buying amid slower supply
After a brisk start to the year, the pace of covered bond supply had already begun to slow by Thursday amid growing concern that the European Central Bank would be compelled to step up purchases, igniting fears of a technical squeeze. Bill Thornhill reports.
16 Jan 2020 -
Covered bond issuers price flat to fair value
A lack of supply relative to 2019 and much more aggressive central bank buying ensured that Banco Sabadell, Royal Bank of Canada and OP Mortgage Bank were able to price covered bonds flat to fair value this week.
16 Jan 2020 -
French threesome covers up
BPCE, Credit Mutuel Home loan (CM-CIC) and Axa Bank issued French covered bonds this week with Axa issuing its first transaction under a new and lower rated Belgian ownership structure.
16 Jan 2020 -
Trio of Austrians find Pfandbrief favour
Austrian covered bond borrowers Bawag PSK, UniCredit Bank Austria and RLB Oberösterreich found a warm reception for their €500m no-grow deals this week.
16 Jan 2020 -
Pfandbriefe trio price flat to their curves
Helaba, Deutsche Bank and Deutsche Pfandbriefbank (PBB) had little trouble accessing the Pfandbrief market this week with a series of deals that were priced flat to their curves.
16 Jan 2020 -
Luminor Bank steps closer to covered bond issuance with Moody’s rating
An Estonian covered bond could soon be due in the market after Moody’s rated Luminor Bank’s programme this week — the first to be structured under the country’s newly established law. The rating comes after the European Central Bank granted Luminor a license to issue covered bonds in December.
16 Jan 2020 -
NordLB Lux mandates for first renewable energy deal, again
NordLB Luxembourg was expected to arrive in the market with its inaugural renewable energy covered bond late last year, having completed a market programme and mandated lead managers. On Thursday it finally plucked up the courage to re-announce the long-awaited deal — the first to be ever issued under the country’s new law.
16 Jan 2020 -
Crédit Mutuel grabs €1.25bn as covered bond supply fears mount
Credit Mutuel Home Loan SFH (CM-CIC) completed a busy week in the euro covered bond market with a €1.25bn 10 year offering on Thursday. The deal emerged amid growing concern that euro covered bond supply will fall, as borrowers like SCBC, Danske Bank and Nordea turn to local currency markets, while others see better alternative funding opportunities, or simply bide their time.
16 Jan 2020 -
Investors swoop on Helaba and Bawag covered bonds as drought feared
Landesbank Hessen-Thueringen Girozentrale (Helaba) and Bawag enjoyed heavy demand for their covered bonds, issued on Wednesday, amid growing concern that January’s usual supply surge is about to come to an abrupt end.
15 Jan 2020 -
Covered bond investors putting on the risk
Covered bond investors are increasingly confident about taking on duration and credit risk as yields are set to be stable and spreads should remain well supported, an asset manager told GlobalCapital on Wednesday.
15 Jan 2020
