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Latest News
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UBI covereds expected to tighten upon rating upgrades
The three major rating agencies have upgraded UBI’s credit rating, to be in line with Intesa Sanpaolo’s as the latter's takeover of the former concludes. Market participants are expecting UBI’s covered bond spreads to tighten as a result.
14 Aug 2020 -
Covered Bond Awards 2020 — poll closes today!
Market participants are invited to vote for their best deals, issuers and lead manager before GlobalCapital Covered Bond Awards 2020 before the survey closes at 5:30pm on Friday, August 14.
14 Aug 2020 -
Senior rally puts dollar covered bonds 'in the shade'
An improvement in the cross-currency basis swap has made dollar funding look more attractive to covered bond issuers, but this is not expected to lead to higher supply with bank senior unsecured dollar paper looking the more compelling option.
13 Aug 2020 -
Citi makes decent fist of covered trading
Citi has taken market share from other banks in the past year to become one of only four that account for 60% of all secondary market covered bond volume traded on Bloomberg so far this year, thanks to a combination of devoting balance sheet to trading and having the appetite to take risk.
13 Aug 2020 -
Covid curveball complicates Cédulas reform
Spanish Cédulas reform has been widely anticipated for years. However, whether Spain is ready to execute the sweeping reforms necessary to bring the regime into line with the European Union’s covered bond directive remains to be seen, as the impact of the coronavirus risks diverting attention.
12 Aug 2020 -
Nomura sets out covered bond trading ambition but has a way to go
Nomura has ambitions to improve its covered bond market making presence, but it has a long way to go before getting close to the top, where Citi, Santander, and JP Morgan all occupy a clear lead, according to investors.
11 Aug 2020 -
Lloyds conducts bi-lateral covered bond buy-back
Lloyds has bought back a small amount of sterling covered bonds on a bi-lateral basis. Most investors that wanted to hand back bonds will have already done so in its previous public tender offer.
11 Aug 2020 -
French banks may pre-fund with covered bonds
French banks have been among the most active issuers of covered bonds so far this year but, with the pace of mortgage origination expected to slow and deposit inflows rising, further supply is less certain with pre-funding for next year becoming an option with doubts over the longevity of the prevailing strong market conditions.
10 Aug 2020 -
Lower covered bond issuance increased OC levels, says Fitch
Overcollateralisation (OC) levels have increased on covered bond pools since last year for European issuers, Fitch Ratings said this week. But while issuers in some countries, like the UK, showed a rise above the average, borrowers that have participated in central bank funding, like those in Germany, have managed to keep OC levels down.
07 Aug 2020 -
Nykredit readies last tap of biggest ever covered
Danish covered bond auction season is underway with Nykredit and Nordea announcing sales. August’s auctions also provide the last opportunity to buy certain 30-year callable bonds, of which one is the largest covered bond ever issued.
06 Aug 2020
