Latest News
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Covered bonds to lead FIG tighter
Although the European Central Bank (ECB) hasn’t said yet how it intends to split buying across the €20bn of net asset purchases that it plans on making each month, it is likely covered bonds will form an integral part. And if covered bonds tighten, that probably means much else will be dragged along for the ride.
19 Sep 2019 -
ECB breathes life into FIG as investors prepare for infinite QE
Investors bid a warm welcome to a heap of new bonds from financial institutions this week, spurred on by the knowledge that the European Central Bank would soon be back as one of the biggest buyers in the market. Bill Thornhill and Tyler Davies report.
19 Sep 2019 -
Pfandbrief duo enjoy solid investor response
German Pfandbrief issuers DZ Hyp and Landesbank Hessen-Thüringen Girozentrale (Helaba) enjoyed strong receptions for their €1bn Pfandbriefe issued this week. Bankers suggested that the German market had a good chance to perform.
19 Sep 2019 -
UK trio pounce on euro covered bonds
Lloyds Bank, Virgin Money and Skipton Building Society took advantage of an improvement in market conditions since the European Central Bank’s policy meeting, and the UK Parliament’s efforts to legislate against leaving Europe without a deal, to issue a string of successful covered bonds this week.
19 Sep 2019 -
Investors swoop on Helaba as spreads set to tighten
The order book for Landesbank Hessen-Thueringen Girozentrale’s (Helaba) €1bn 10 year public sector backed Pfandbrief was quick to build reflecting the view that the bonds were priced cheaply and that spreads will almost certainly tighten, said bankers.
19 Sep 2019 -
Healthy dollar demand propels covered bonds from RBC and FCDQ
Two Canadian issuers revitalised the dollar covered bond market this week as Royal Bank of Canada raised €1.5bn of three year funding on Tuesday at half the cost of its senior funding and at a substantially lower cost than a year ago. The transaction was followed by Fédération des caisses Desjardins du Québec (FCDQ) which opened order books for another three year on Thursday.
19 Sep 2019 -
Liberbank debut covered bond draws double the demand of Skipton
Liberbank’s inaugural covered bond issued on Wednesday showed that investors are still hungry for paper that offers a positive yield and good relative value. The Spanish deal drew more than twice as much demand as Skipton Building Society’s competing negative yielding transaction, which was the third UK covered bond issued this week.
18 Sep 2019 -
Issuers ‘hot trot’ in covered bonds as bankers see execution certainty
Demand for euro covered bonds issued on Tuesday by Virgin Money, NN Bank and DZ Hyp has markedly improved from earlier this month, and lead managers have announced a further series of transactions from Royal Bank of Canada, SR Boligkreditt, Skipton Building Society and Liberbank.
17 Sep 2019 -
Covered bond awards 2019: voting patterns
A breakdown of how investors, issuers and lead managers voted in the covered bond awards survey 2019.
16 Sep 2019 -
Lloyds ‘delivers last missing piece’ for Virgin’s debut covered bond
Lloyds Bank attracted a large and diverse order book for its €750m 10 year covered bond on Monday and has provided ‘the last missing piece’ for bankers working on Virgin Money’s debut euro covered bond, which is expected to be announced soon.
16 Sep 2019
