Latest News
-
The best covered bonds and banks — as ranked by GlobalCapital’s BondMarker
GlobalCapital looks back over 2019 to assess the best euro covered bonds and banks, as rated by its Covered BondMarker. The best deals were from Lloyds, Santander and Rabobank. The best lead managers were BNP Paribas, ING and Natixis.
05 Dec 2019 -
Pfandbriefbank deluged by demand
Compelling evidence emerged this week showing how much liquidity local investors are still looking to deploy in the Swiss franc market as the year’s end looms. On Monday, it took just 45 minutes for books to open and close on three clips of Pfandbriefbank paper.
05 Dec 2019 -
Properties, not rent caps, say Pfandbrief banks
The Association of German Pfandbrief banks (VDP) has criticised a Berlin local government decision to cap rents, which it believes will hit investor confidence and lower construction activity. Despite these concerns, the outlook for Pfandbrief supply is positive and remains underpinned by solid fundamental factors.
04 Dec 2019 -
The ECB cannot pretend it is a selective investor
The European Central Bank (ECB) likes to keep up the idea that it dips in and out of markets judiciously with its quantitative easing programme. This is disingenuous. Its driving force is its need to pump money into the system.
03 Dec 2019 -
Swiss Pfandbriefbank takes size at tight spread
Swiss Pfandbriefbank issued a Sfr1.1bn (€1bn) three part deal on Monday which was notable for both its size and the tight spread achieved.
03 Dec 2019 -
Commerz hits covereds in last window of year
Commerzbank took advantage of a rise in yields to launch a nine year Pfandbrief on Monday. With yields rising 6bp overnight amid an improvement in risk sentiment, bankers suggested a positive yielding long seven year can expect a fair reception.
02 Dec 2019 -
Bid-asks to gap out under buy-in rules, ICMA warns
The mandatory buy-in regime under the EU’s regulation for central securities depositories (CSDR) is expected to cause bid-ask spreads across bond markets to widen significantly, according to a warning from the International Capital Markets Association. The lobby group would like the rules changed.
28 Nov 2019 -
Nasdaq shines a light on Danish covered bond pricing
Nasdaq has developed a new method for pricing Danish covered bonds, which are typically more difficult to price than fixed-rate euro deals because of prepayment risks of mortgages in the underlying pool and negative convexity associated with callable deals.
28 Nov 2019 -
UK covered bonds to go Danish with Perenna
UK based mortgage start-up lender, Perenna, aims to revolutionise the UK's mortgage market by introducing a 30 year fixed rate loan that will be financed with the same pass through covered bonds that are widely used in the Denmark.
28 Nov 2019 -
Virgin’s funding costs rise by 25% amid switch away from TFS
Virgin Money revealed in a presentation on Thursday that its cost of funding had risen by 31bp in the last year, as the UK lender looks to replace central bank money with financing from the capital markets.
28 Nov 2019
