Latest Covered Bonds news

• SG follows BPCE with more covered bond prefunding

  

  Société Générale followed BPCE into the covered bond market on Tuesday, also taking the opportunity to pre-fund ahead of what many market participants expect to be a busy start to 2019.

  • 20 Nov 2018

• HSBC Canada offers value but silence speaks to absence of volume

  

  HSBC Canada opened order books on Tuesday for its first covered bond and follows in the same three year maturity, and with the same starting spread, as DBS Bank. But, after several hours, when the spread was fixed at the initial level, lead managers failed to update investors on the order book size leading some to question how well the deal was going.

  • 20 Nov 2018

• DBS Bank issues Asia's largest dollar covered bond

  

  DBS Bank attracted a strong order book for its $1.25bn three year covered bond, the largest ever issued by an Asian bank.

  • 19 Nov 2018

• Excess demand for BPCE’s covered bond hits four year low

  

  BPCE returned to the covered bond market on Monday to raise a €1bn eight year deal. Although the new issue premium was modest, the slightly trickier tenor may have deterred some investors and the subscription ratio was the lowest BPCE has experienced in four years.

  • 19 Nov 2018

• Asian issuers push out bonds in pre-holiday rush

  

  A flurry of Asian bond issuers have ventured out in a bid to wrap up deals ahead of the Thanksgiving holiday in the US on Thursday, even as markets remain on shaky ground.

  • 19 Nov 2018

• Defusing TLTRO time bomb requires prudence, not hope

  From June 2019 a large chunk of debt borrowed by banks from the EU periphery under the European Central Bank’s second Targeted Longer-Term Refinancing Operations (TLTRO II) will no longer be considered stable funding. Banks should refinance that debt in the market instead of hoping for another ECB handout.

  • 15 Nov 2018

• Brexit bedlam wrecks TSB trade, scares UK markets

  

  The revolt by UK politicians against the draft Brexit agreement reached by prime minister Theresa May forced TSB Bank to pull its covered bond on Thursday, with investors also selling out of positions in other UK banks. The market fallout adds a thorn to the side of other institutions from the country planning to raise financing over the coming weeks, but it may not be enough to completely shut down markets, write Bill Thornhill, Jasper Cox, Tyler Davies, Sam Kerr and Nigel Owen.

  • 15 Nov 2018

• Liberbank’s debut Cédulas shows way out of TLTRO II

  

  Liberbank plans to issue its first covered bond, a transaction that will help refinance maturing debt borrowed under the European Central Bank's second Targeted Longer-Term Refinancing Operations (TLTRO). Many other banks face a similar problem, but seem to be ignoring the €399bn maturity wall that is fast approaching, writes Bill Thornhill.

  • 15 Nov 2018

• Danske shuns headline risk with heavily oversubscribed covered bond

  

  A five year covered bond issued by Danske Bank’s Finnish subsidiary on Thursday was the most oversubscribed triple A rated covered bond issued since late August and suggested that recent negative headline risk had barely affected sentiment in euros.

  • 15 Nov 2018

• TSB pulls covered bond as Brexit volatility weighs in

  

  Despite offering an attractive premium, TSB Bank was unable to garner enough interest for its five year sterling covered bond on Thursday, forcing it to postpone the deal. The decision followed a high level UK government resignation that caused considerable market volatility in the UK banking sector.

  • 15 Nov 2018

• Trio of covered bond borrowers plan deals

  

  Liberbank plans to issue its first covered bond, Danske Bank in Finland is set to issue its first deal in three years and UniCredit Austria has announced a roadshow hot on the heels of a Pfandbrief issued by the German subsidiary.

  • 14 Nov 2018

• HSBC Canada set to issue debut covered bond

  

  HSBC Canada has mandated joint leads for its first covered bond and held investor meetings on Tuesday. The moves comes after a succession of successful dollar benchmarks from European and Canadian borrowers.

  • 14 Nov 2018

• PBB hits LCR target with $600m Pfandbrief

  

  A Deutsche Pfandbriefbank three year Reg S dollar benchmark may have been meagrely oversubscribed on Tuesday but, at $600m, it was just large enough to make it over the size threshold required to meet the top liquidity coverage ratio category — to the benefit of certain investors.

  • 13 Nov 2018

• UniCredit AG does well to raise €750m Pfandbrief

  

  UniCredit’s German subsidiary, HVB, did well to issue a €750m seven year Pfandbrief on Tuesday, but with Italian headline risk flaring up again, it may have paid slightly over the odds.

  • 13 Nov 2018

• HVB and PBB to hit euro and dollar Pfandbriefe

  

  UniCredit’s German subsidiary, HVB, has announced plans to issue a seven year euro benchmark Pfandbrief, its first covered bond in over a year. At the same time Deutsche Pfandbriefbank (PBB) plans to issue a dollar benchmark three year Pfandbrief.

  • 12 Nov 2018

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