.png){kind=logo}
GC Asia
Latest News
-
DNB prices flat to covered curve with Spabol to follow
DNB Boligkreditt issued a €1bn seven year covered bond at flat to fair value with strong demand on Wednesday, providing encouragement for Sparebank 1 Boligkreddit (Spabol) which mandated leads for a follow-on 10 year Norwegian covered bond.
05 May 2021 -
Nationwide: 20 year covered 'made sense on both sides'
Nationwide Building Society made a small piece of history in the covered bond market last week. The UK building society printed the first covered deal in euros from a UK bank since Brexit. It was also the issuer's first 20 year and the first covered bond in that maturity from anywhere outside the eurozone. Senior funding manager, Krishan Hirani, spoke to GlobalCapital about the genesis of the deal.
05 May 2021 -
Pfandbrief market takes crisis and regulation in its stride
The Pfandbrief market is in the middle of a tumultuous year which includes not only the adoption of the EU's Covered Bond Directive but also digesting the bloc's Taxonomy for Sustainable Activities. Of course, this is all happening against the backdrop of the coronavirus pandemic and lockdowns, which have hit the commercial real estate market that underpins much of the product. Jens Tolckmitt, chief executive of the Association of German Pfandbriefbanks (vdp), spoke to GlobalCapital about how the market has coped.
04 May 2021 -
PMM: Covered bond issuers take advantage
Recent trades have demonstrated just how sublime primary market conditions are for covered bond issuers, stoking a revival of the previously dormant sector.
04 May 2021 -
DNB set for covered bond return
DNB Boligkreditt took advantage of strong market conditions to mandate leads for its second covered bond of the year on Tuesday.
04 May 2021 -
Bawag bags stellar covered response as law enters final stage
Bawag became the first Austrian issuer to price a covered bond through mid-swaps since June 2018 on Tuesday when it issued a benchmark 10 year that attracted strong initial order momentum and an exceptionally granular order book. At the same time Austria’s Covered Bond Act consultation came to an end, suggesting the new legal framework will soon be enacted.
04 May 2021 -
Kommunalkredit to kick off busy week for FIG
Kommunalkredit was the first name to throw its hat into what bankers are expecting could be a busy week in FIG primary markets next week. The Austrian lender is set to syndicate its senior deal as a private company next week, with a covered bond refinancing set to follow later this year.
30 Apr 2021 -
Ignorance is bliss
“What gets measured gets managed,” goes an old saw popular in sustainable finance circles. If companies, investors and banks, the argument says, collect better environmental and social data, this knowledge will naturally breed improvements in performance.
29 Apr 2021 -
Nationwide brings trailblazing 20 year covered
Nationwide Building Society issued the first UK covered bond of the year, the first to test appetite since Brexit was concluded and the first UK deal with a 20 year tenor in euros. As such it offered a particularly rare opportunity to get some spread and yield pick-up.
29 Apr 2021 -
BayernLB and MuHyp set spread records
Muenchener Hypothekenbank (MuHyp) priced the tightest ultra-long dated Pfandbrief in 18 years this week, setting the record a day after Bayerische Landesbank (BayernLB) priced the tightest covered bond of the year and the tightest Pfandbrief since late 2018.
29 Apr 2021 -
Laurentian seeks 'peculiar' covered and capital funding double
Laurentian Bank has wasted little time getting its newly set up covered bond programme a top rating with DBRS and is now undertaking a roadshow with plans to sell its first deal in Canadian dollars. It is also looking at subordinated issuance in local currency.
29 Apr 2021 -
Issuers target ‘stunning’ covered bond market with 10 year trades
Crédit Mutuel Home Loan and Natixis Pfandbriefbank secured tight pricing for 10 year covered bonds on Wednesday, as borrowers made haste to access sublime issuance conditions in the euro market.
28 Apr 2021 -
PMM: Covered bond issuers make most of higher yields
French and German banks have led the resurrection of the primary covered bond market over the last two weeks, with the sterling market particularly active. They have been making the most of good conditions for borrowers. So far this year, covered bond issuers have paid an average concession of 0.15bp compared to the 2.93bp they paid in 2020.
27 Apr 2021 -
MuHyp prices Pfandbrief at tightest spread in 18 years
Muenchener Hypothekenbank (MuHyp) issued its second ultra-long dated Pfandbrief of the year on Tuesday, flat to the curve and into good demand at the tightest spread for this tenor and longer in the past 18 years.
27 Apr 2021 -
Investors flock to super-rare Nationwide 20 year
Investors wasted little time placing orders for Nationwide Building Society’s 20 year covered bond on Tuesday, reflecting the rare and chunky yield on offer and the expectation that this could potentially be their only chance to buy UK covered bonds in euros this year.
27 Apr 2021
