Covered Bonds

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  • VDP sets green Pfandbrief standards

    VDP sets green Pfandbrief standards

    The Association of German Pfandbrief Banks (VDP) has introduced minimum standards for issuing green Pfandbriefe, a development that should help seal Germany’s position as a leading jurisdiction for green covered bond issuance.

  • New era for bond pricing as corporates, banks push deeply negative

    New era for bond pricing as corporates, banks push deeply negative

    Europe's bond market reopened for the autumn issuance season this week — but it is a new bond market. The summer's queasy bout of bearishness has pushed government bond yields to unprecedented lows and these are now for the first time being tested as a platform for private sector bond issuance.

  • BHH sets new boundary for negative yielding covered bonds

    BHH sets new boundary for negative yielding covered bonds

    Berlin Hyp, the German mortgage bank, this week set a new record with the most negative yielding covered bond, a transaction that should bolster the confidence of other borrowers who can no longer put off issuing such deals.

  • Equitable leads next wave of Canadian covereds

    Equitable leads next wave of Canadian covereds

    Canada's Equitable Bank has announced plans to issue its first covered bond, possibly as early as next year. Its decision follows an increase in Canada’s regulatory issuance limit and paves the way for several other smaller Canadian banks to follow suit.

  • HSBC Canada to reopen dollar covered bonds

    HSBC Canada to reopen dollar covered bonds

    HSBC Bank Canada is set to meet investors with a view to issuing the first dollar covered bond since the summer break and its second covered bond ever. The plans comes amid a growing euro pipeline and follows the first deeply negative yielding euro trade.

  • Virgin plans inaugural euro covered bond

    Virgin plans inaugural euro covered bond

    Virgin Money plc has mandated leads for a European roadshow and hopes to issue its first euro denominated covered bond. The transaction is set to emerge at a challenging time, amid rising concerns that the UK will chaotically leave the European Union without reaching an exit agreement at the end of October.

  • BHH raises €1bn 20bp below ECB deposit rate

    BHH raises €1bn 20bp below ECB deposit rate

    BerlinHyp (BHH) reopened the covered bond market after the summer break with a €1bn three year that yielded almost 20bp less than the European Central Bank’s deposit rate. The transaction could cause some issuers to reconsider their funding approach as the deal can profitably refinance liquidity borrowed under the last Targeted Longer-Term Refinancing Operation (TLTRO II).

  • Swiss Pfandbrief go negative out to 30 years

    Yields continued to tumble in the Swiss franc bond market this week with Pfandbriefbank issuing the first 30 year covered bond to be sold with a negative yield, following Münchener Hypothekenbank (MünHyp) striking a new record low for covered bond yields with a nine year trade.

  • Polish mortgage law has ‘significant adverse effects’

    Polish mortgage law has ‘significant adverse effects’

    A draft Polish law, requiring the written consent of property owners to transfer mortgages, would have “significant adverse effects on Polish banks’ funding” said the European Central Bank, with respect to the covered bond and securitization markets. However, a legal expert said there would be no direct impact on covered bonds.

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
1 10,508.92 89 5.90%
2 10,220.20 53 5.74%
3 8,393.04 48 4.71%
4 7,239.94 37 4.07%
5 7,218.44 37 4.05%
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BondMarker: Covered Bonds

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