Latest News
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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.
23 Aug 2019 -
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.
22 Aug 2019 -
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.
22 Aug 2019 -
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.
22 Aug 2019 -
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.
21 Aug 2019 -
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.
20 Aug 2019 -
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).
20 Aug 2019 -
ASB tees up September roadshow as issuers stick to ‘wait and see’ mode
ASB Finance Limited has announced plans to sell either a covered bond or a senior bond next month, as FIG bankers suggested that issuers would be careful about restarting supply following a volatile summer period.
19 Aug 2019 -
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.
15 Aug 2019 -
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.
15 Aug 2019
