Covered Bonds

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  • Germany, Belgium join battle over Taxonomy credibility as it goes to wire

    Germany, Belgium join battle over Taxonomy credibility as it goes to wire

    Hectic negotiations and lobbying are going on at the European Commission about the Taxonomy of Sustainable Economic Activities, in the last day before it is due to publish the detailed rules. Key countries including Germany have changed their positions, GlobalCapital can reveal, while supporters of gas and nuclear power are digging in. Battlelines are now being drawn over the timing.

  • PBB prices tightest Sonia covered bond

    PBB prices tightest Sonia covered bond

    Deutsche Pfandbriefbank (PBB) issued the tightest ever Sonia-linked covered bond on Tuesday at close to fair value, with little spread sensitivity and a high quality order book. The strong result sent a positive signal to other issuers with natural sterling funding needs.

  • BSH prices through its covered curve

    BSH prices through its covered curve

    Bausparkasse Schwaebisch Hall (BSH) was able to price a €500m 12 year mortgage Pfandbrief on Tuesday through fair value and showed that, in the face of mounting negative net supply which is now double last year’s total, investors are increasingly desperate for covered bonds.

  • PBB and BSH expected to issue new covered bonds

    PBB and BSH expected to issue new covered bonds

    Deutsche Pfandbriefbank (PBB) has mandated leads for the second Sonia linked covered bond of the year and Bausparkasse Schwabisch Hall (BSH) is expected with a euro 12-year deal.

  • Canadian covered bonds find harbour in troubled times

    The Covid-19 pandemic caused severe disruption to financial markets in 2020-2021. During this difficult time, the Bank of Canada and the Office of the Superintendent of Financial Institutions took a number of actions to build resilience and improve the stability of the Canadian financial system. Federally regulated financial institutions were, among other things, permitted the privilege to pledge covered bonds with the central bank, which provided access to long-term repos and benefited from preferential regulatory treatment of loans subject to payment deferrals.

  • Post-results Scandie credit pipeline builds

    Post-results Scandie credit pipeline builds

    A handful of borrowers are circling the Nordic markets with an eye to printing after the end of first quarter results. But the looming blackouts have not deterred every type of credit from tapping the market as a range of corporate, covered bond and financial issuers placed paper this week.

  • SLB fever sweeps FIG market after Berlin Hyp debut

    SLB fever sweeps FIG market after Berlin Hyp debut

    Banks are optimistic that sustainability-linked bonds have a bright future as part of their funding toolkits, after Berlin Hyp became the first financial institution to land a deal in the format this week. More trades are already on the way and market participants are stepping up their efforts to break down the remaining barriers for FIG borrowers.

  • Basis swap widening helps covered bonds

    Basis swap widening helps covered bonds

    A widening in the basis swap between three and six month Euribor and a recent rise in yields have improved the attractiveness of covered bonds for a proportion of investors. But for many others, bonds that trade well through swaps in the secondary market are only fit for the European Central Bank.

  • Investors swoon at NIBC’s rare CPT

    Investors swoon at NIBC’s rare CPT

    Investors wasted little time placing orders for NIBC Bank’s €500m 10 year conditional pass-through covered bond that was issued on Wednesday, reflecting that it offered the highest spread of any covered bond issued this year by any bank in core Europe. This is also likely to be a very rarely issued structure.

  • UK covered bonds are cheap but supply catalyst needed

    UK covered bonds are cheap but supply catalyst needed

    Although UK covered bonds are trading at their tightest levels for the last year, they still offer a decent pick-up versus some international peers. With the UK’s vaccine rollout and growth expectations showing promise, spreads may well tighten. But there is a lack of fresh supply. Some is needed to improve price discovery and catalyse performance.

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THE EUROMONEY ECBC VIRTUAL COVERED BOND CONGRESS 2020

  • Covered bond conference 

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  • On September 9-10, 2020 Euromoney and the ECBC hosted the eighteenth annual meeting for the international covered bond market, virtually.

  • Key figures:

    • 3,030 hours spent on the platform
    • An average 4.30 hours spent on the platform by each delegate
    • 740 unique visitors from 40 countries
    • 35,000 visits to the platform

    To find out more and watch the sessions, click here 

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Roundtable

  • Covered bonds through Covid: the French issuers’ perspective

    Funding officials from Caffil, Credit Mutuel Arkéa and La Banque Postale gathered in early July to take part in a roundtable to discuss how they navigated their way through the peak of the crisis when covered bond market volatility was at its highest, and how they expect to manage funding in its aftermath, as the pernicious impact of the pandemic takes its toll.