Latest Covered Bonds news

• ECB stays 'flexible' as covered bond purchases cut to 30%

  

  The European Central Bank’s Ad Visser acknowledged its "flexible" approach to covered bond purchases at the European Covered Bond Council’s plenary meeting held in Vancouver on Wednesday. His remark was made in response to a question about whether the ECB was reducing its primary market orders by 10% to a maximum of 30% of a deal’s size.

  • 19 Apr 2018

• Sbanken, mBank prove popular for euro covered debuts

  

  Investors were queuing up to place orders for new deals from Norway’s Sbanken Boligkreditt and Poland’s mBank Hipoteczny on Thursday, as the pair looked to enter the euro covered bond market for the first time.

  • 19 Apr 2018

• Rabobank matches ABN record as DG Hyp returns

  

  Rabobank issued two tranches of covered debt on Wednesday and was able to match ABN Amro’s record for the tightest ever 20 year spread. DG Hyp also issued a covered bond, its first since March last year.

  • 18 Apr 2018

• Barclays rumoured as investors anticipate AT1 supply spurt

  

  Investors are expecting banks to accelerate their plans to sell additional tier one (AT1) bonds in the coming weeks, but a number of recent new issues have been too tightly priced to excite some market specialists.

  • 18 Apr 2018

• Canadian bail-in to increase covered bond appeal

  

  Canadian covered bonds are set to become even more attractive under the country’s newly published bail-in regulations, delegates heard at the European Covered Bond Council’s 27th plenary session held in Vancouver on Wednesday. If immigration policy remains unchanged, there will be limited scope for a correction in Canadian house prices.

  • 18 Apr 2018

• Caffil sells 10 year with pre-CBPP3 spread

  

  Caisse Francaise De Financement Local (Caffil) found good demand for a €1.5bn 10 year with a final spread as wide as those last seen three years ago, before the European Central Bank's (ECB) third covered bond purchase programme (CBPP3) was announced. The deal followed a €1bn five year from Commonwealth Bank of Australia (CBA).

  • 17 Apr 2018

• Sbanken markets first euro covered bond as Skipton mandates

  

  Skipton Building Society has mandated leads for a roadshow ahead of its first sterling benchmark covered bond, while Sbanken Boligkreditt has already begun marketing its debut euro benchmark.

  • 16 Apr 2018

• Caffil and Hypo Finland prepare to issue covered bonds

  

  Caisse Francaise De Financement Local (Caffil) has mandated leads for a 10 year euro benchmark Obligation foncière, and after completing a roadshow last week, The Mortgage Society of Finland is set to open order books for sub-benchmark deal.

  • 16 Apr 2018

• Covered volumes set to slow as Vancouver beckons

  

  Covered bond primary volume is expected to slow from the exceptionally busy period seen over the last two weeks, though a number of issuers are still monitoring conditions. In the meantime, market participants will be heading to Vancouver for the European Covered Bond Council’s plenary meeting and Euromoney Conference’s North America Covered Bond Forum.

  • 13 Apr 2018

• Covered bond curve is softening in the belly

  

  The belly of the covered bond curve is soft with offers easy to find. Traders are hopeful that spreads will stabilise after next week’s slew of issuance but confidence is lacking. Yet there are pockets of performance if you look hard enough.

  • 12 Apr 2018

• OCBC just gets over the covered line, SCBC does better

  

  Covered bonds issued by Swedish Covered Bond Corp and Overseas Chinese Banking Corp on Wednesday were thinly oversubscribed though investor preference was clearly slanted towards the most defensive five year Swedish offering.

  • 11 Apr 2018

• Covered bond head leaves Soc Gen

  The head of covered bond origination at Société Générale is expected to leave the bank this week and is also relinquishing his role as deputy chairman of the European Covered Bond Council (ECBC).

  • 11 Apr 2018

• Old instruments reap new rewards for FIG investors

  

  Legacy capital securities are proving rich pickings for specialist bank debt investors as institutions work out how to take them out of their funding structure. Meanwhile, covered bond investors are wary about their market.

  • 11 Apr 2018

• Erste, HSBC and Axa pay up, re-price covered curves

  

  A trio of covered bonds issued on Tuesday attracted tepid overall demand, even though they were priced much wider than theoretical fair value. Of the three, Axa Bank’s dual tranche offering stood out as the most popular.

  • 10 Apr 2018

• Virgin ready to issue its first covered bond

  

  Virgin Money could soon appear with a debut covered bond after Fitch and Moody’s assigned top ratings to its €7bn programme with the expectation of a £500m five year soft bullet deal.

  • 10 Apr 2018

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