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Latest News
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SR Boligkreditt and Hypo Tirol mandate covered bonds
Hypo Tirol Bank has mandated leads to roadshow its first social covered bond and SR Boligkreditt has mandated leads for a vanilla deal. Both issuers plan on following printing 10 year deals, where yields are almost positive.
02 Mar 2021 -
TD’s Rehman heads back to Toronto
Sameer Rehman, director of debt and capital markets at TD Securities in London, is heading back to Toronto after 12 years in the UK to focus on Canadian public sector borrowers.
02 Mar 2021 -
HVB enjoys record demand for 10 year Pfandbrief
HVB, the Germany subsidiary of UniCredit, attracted more demand for its €750m 10 year than any Pfandbrief of that size launched in over a decade.
02 Mar 2021 -
PMM: Dollar return pushes SSA subscription levels lower
A return to dollar funding by SSA borrowers capitalising on higher yields last week dragged the average subscription ratio lower.
02 Mar 2021 -
Falling deposits would boost covered bond supply, says bank funding chief
Increased consumer spending, leading to a fall in deposits would provide the catalyst for higher covered bond issuance, according to one European bank's head of funding. But only if the credit curve steepens and senior debt grows more expensive to raise relative to covered funding.
01 Mar 2021 -
HVB to issue positive yielding 10 year Pfandbrief
UniCredit’s German subsidiary, HVB, is expected to open order books for a 10 year benchmark on Tuesday. With swap yields currently just positive, the deal has a slim chance of offering a positive return.
01 Mar 2021 -
March covered bond supply to remain thin
Bankers do not expect to a resurgence of primary covered bond supply in March with banks expected to focus on regulatory issuance. ECB covered bond purchase data was due on Monday afternoon, with market participants eager to see if the central bank increased its buying to contain the recent rise in yields at the long end of the curve.
01 Mar 2021 -
Banks grow anxious over ECB’s ESG criteria
Senior bank finance and capital markets figures speculated this week about where the ECB would be most likely to throw its weight in its effort to boost the sustainability of its balance sheet. With a senior eurozone central banker having recently urged it to decarbonise its assets, banks are on high alert as they anticipate sweeping changes to asset purchase and repo terms, writes Bill Thornhill.
25 Feb 2021 -
Legal update to benefit Cédulas
The transposition of the EU's Covered Bond Directive (CBD) into Spanish law is likely to be credit positive, according to a poll of delegates who attended the Association of Financial Markets in Europe’s 12th annual Spanish Capital Markets Virtual Conference on Thursday.
25 Feb 2021 -
Vorarlberg in high demand as yields rise
Raiffeisenlandesbank Vorarlberg launched a 15 year covered bond on Wednesday that was three times subscribed and priced flat to fair value. It suggested that investors were eager to catch higher yields before they disappear.
24 Feb 2021 -
Yield rise raises hope of tighter covered bonds
The outlook for covered bond spreads has improved following this year’s rise in yields, although there is contention over whether the short or long end of the curve is the best place invest.
23 Feb 2021 -
NN prices higher yielding 20 year inside fair value
NN Bank took advantage of rising yields to issue a 20 year covered bond on Tuesday which was priced inside fair value.
23 Feb 2021 -
Head of ABS and covered bonds leaves BNP Paribas
Boudewijn Dierick, BNP Paribas’ head of ABS and covered bonds, is leaving the bank to join Auxmoney, a German consumer lender which set up a €500m warehouse with BNP Paribas in November.
23 Feb 2021 -
NN Bank mandates for covered as higher yields boost supply hopes
NN Bank has mandated leads for a 20 year covered bond amid improved hopes of an increase in supply, as banks emerge from blackout to take advantage of the recent rise in yields.
22 Feb 2021 -
Tax jab aimed at Australia almost hits EU investors
The EU Commission is rushing to untangle legislation that would have stopped EU investors from buying Australian securitizations or covered bonds, after the country ended up on the EU’s list of non-cooperative tax jurisdictions.
22 Feb 2021
