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GC Asia
Latest News
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Pool diversification to insulate covered bonds from flood risk
The recent floods in western and central Europe could have an impact on covered bond pools. However, despite uninsured losses expected to total in the billions, covered borrowers are likely to remain insulated thanks to the diversification of their pools.
29 Jul 2021 -
Taper talk dominates ahead of Fed meet
Market participants expect the Federal Reserve could address the topic of tapering at its meeting later today; however, the spread of the Delta variant may cause the central bank to put any talk on hold until its Jackson Hole Symposium next month.
28 Jul 2021 -
Equitable covered programme receives CMHC approval
Canada’s Equitable Bank covered programme received legislative approval this week, paving the way for a debut deal in the coming months.
28 Jul 2021 -
Banks expected to eschew early TLTRO repayments
Market participants do not expect banks to repay their targeted longer-term refinancing operations (TLTROs) borrowings early when a window opens next month, though the primary market would retain plenty of capacity to swallow up any increased issuance.
27 Jul 2021 -
S&P says covered bonds will weather the end of pandemic support
S&P has predicted that covered bond ratings will remain steady as European authorities phase out pandemic support, though some cover pools are more at risk than others.
26 Jul 2021 -
MunHyp keeps Swissies ticking
Muenchener Hyp (MuHyp) was the sole representative in the Swiss franc market this week, as it tapped demand for long end paper.
23 Jul 2021 -
ECB to swerve rate hikes for years after revising forward guidance
The European Central Bank made a bold change to its monetary policy on Thursday, effectively pushing any prospect of interest rate hikes into the distant future, making them unlikely before the middle of the decade. Frank Jackman, Lewis McLellan and Burhan Khadbai report.
22 Jul 2021 -
ECB: a little more communication, a little less action
Communication is the only real policy tool where the European Central Bank still has wiggle room.
22 Jul 2021 -
EBA signals record rise in asset encumbrance
The ratio of encumbered assets over total assets increased by its largest ever margin last year, according to a report this week from the European Banking Authority, which attributed the increase to lenders making “extensive use” of central bank facilities during the pandemic.
22 Jul 2021 -
Sustainable covered bonds on course for record year
Sustainable covered bond issuance could hit a record high in 2021, and with the ECB considering introducing mandatory climate disclosures for its collateral and purchase programmes, analysts expect the sector to find growing market support over the next few years.
21 Jul 2021 -
PMM: Primary pace slackens
Across the markets covered by the PMM, issuance volume has remained roughly consistent in each of the last four weeks, averaging just over $35bn, with last week's total reaching $41bn. However, last week the number of transactions plummeted from an average of 29 each week in the three weeks before to just 13.
20 Jul 2021 -
CBA ends covered MTN absence
Commonwealth Bank of Australia (CBA) has returned to the long end of the covered bond market sell its first private placements in the format since 2019.
20 Jul 2021 -
Covered bond traders positive on spreads as they await ECB
The spread outlook for covered bonds is likely to remain positive over the summer period, said traders, even though yields are negative. The main risks to that prognosis are likely to emanate from the possible course of inflation.
19 Jul 2021 -
Bank buyers quit covered bonds but spread outlook optimistic
Covered bond investor demand has suffered over the past few months with the onset of competing supply from the EU in the SSA market. Despite that, investors have been broadly optimistic on the outlook, particularly in intermediate maturities.
19 Jul 2021 -
CS picks six green bankers including net zero and biodiversity leads
Credit Suisse has filled six roles in its sustainability strategy, advisory and finance (SSAF) group, headed by Marisa Drew, including a global head of net zero strategy.
19 Jul 2021
