Latest Covered Bonds news

• OBG supply can provide political cover for TLTRO III

  Never mind the fact that Italian banks are unable to fund themselves economically. If a few can demonstrate access to the Obbligazioni Bancarie Garantite market, the European Central Bank’s impending third targeted long term refinancing operation (TLTRO) might look less like a bailout.

  • 05:45 PM

• Deutsche Bank gets ‘textbook’ Pfandbrief execution

  

  Deutsche Bank returned to the covered bond market this year to issue a perfectly choreographed Pfandbrief. The deal was launched into a relatively quiet market and quickly attracted strong demand enabling leads to set terms very early in the day, despite underlying market concerns.

  • 02:00 PM

• How the covered bond marker works

  

  Half of the Covered Bond Mark is derived from a survey of market participants. The other half is calculated using a range of key metrics — such as the deal’s subscription ratio, its performance, the granularity of the order book, and the transaction’s size.

  • 01:30 PM

• Covered bond bids improve as Brexit storm clouds gather

  

  Bids for recently issued covered bond deals are trading close to or tighter than their reoffer spreads but with the UK parliament’s crunch vote on the European withdrawal agreement due on Wednesday, scope for a further widening cannot be ruled out. Especially if new issue premiums continue to reprice curves.

  • 14 Jan 2019

• Vote for your favourite covered bond deals

  

  Please cast your vote for the latest covered bond deals — it should only take a few minutes and your confidential vote will be immensely appreciated. You don’t need to be a subscriber to vote!

  • 11 Jan 2019

• ANZ becomes first overseas bank to issue Sonia linked covered bond

  

  ANZ became the first non-UK bank to issue a Sonia linked covered bond on Friday. The competitive and sizeable funding could well spur follow-one issuance from another non-UK bank early next week.

  • 11 Jan 2019

• Credit Ag and Caffil catch long end in covereds

  Crédit Agricole reached considerable size expectations and raised €1.5bn of 10 year covered bond funding on Monday. A day later Caffil raised a not insignificant €1.25bn with a well subscribed two part six and 15 year offering.

  • 10 Jan 2019

• Canadian and Nordic covereds hit the spot

  Investors flocked to Nordic and Canadian covered bonds issued this week by DNB Boligkreditt, Bank of Nova Scotia (BNS) and National Bank of Canada, perhaps reflecting a view that their spreads are well positioned to withstand the European Central Bank’s withdrawal from covered bond market.

  • 10 Jan 2019

• Helaba takes Pfandbrief pride of place

  A decision by Landesbank Hessen-Thueringen Girozentrale (Helaba) to issue a rare three year covered bond as part of a two part offering, paid off and put its covered bond offering head and shoulder above other deals issued this week by BayernLB, HVB and UniCredit Bank Austria.

  • 10 Jan 2019

• Westpac hits dollars and euros covered bonds

  Westpac issued the first dollar covered bond of the year this week, while its New Zealand subsidiary hit the euro market following the demand unearthed by an earlier deal from ANZ New Zealand.

  • 10 Jan 2019

• Credito Emiliano opens peripheral covereds

  Credito Emiliano this week issued the first Obbligazioni Bancarie Garantite of the year, sending a strong signal to issuers struggling to fund in the senior market. The Italian bank followed Deutsche Bank SA which issued the first Spanish deal of 2019.

  • 10 Jan 2019

• Credito Emiliano gives OBGs a strong start

  

  Credito Emiliano has successfully issued the first Obbligazioni Bancarie Garantite of the year. Some bankers believe the bond issue sends a strong signal to issuers struggling to fund in the senior market and should therefore catalyse supply, but other have their doubts.

  • 10 Jan 2019

• Westpac NZ flies in peer's slipstream

  

  Westpac New Zealand drew strong support for its five year covered bond on Thursday which took advantage of the strong demand and performance identified in ANZ New Zealand’s earlier deal.

  • 10 Jan 2019

• ECB mulled TLTRO return at December meeting

  

  Minutes from the European Central Bank’s latest monetary policy meeting reveal that Governing Council members suggested revisiting a scheme allowing banks to access cheap liquidity.

  • 10 Jan 2019

• Helaba achieves strong Pfandbrief result with rare two part deal

  

  Landesbank Hessen-Thueringen Girozentrale (Helaba)’s decision to issue a rare three year covered bond as part of a two part offering, clearly paid off despite concerns over the lack of yield.

  • 09 Jan 2019

Covered Bonds news archive