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GC Asia
Latest News
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Cédulas expands with new programmes from Bancofar and Caminos
Spanish pharmaceutical bank specialist, Bancofar and its parent, Banco Caminos, which provides finance to civil engineers, have set up small covered bond programmes that have been assigned an Aa1 rating by Moody’s.
01.30 PM -
Traders cut covered bond inventory and anticipate slender premiums next year
Covered bond traders are paring back inventory as they approach the end of the year, though there are a few sectors of the market where they intend to hold positions. High redemptions in the first half of the year will support spreads but January’s issuance glut may not see a rise in new issue premiums.
25 Nov 2020 -
Apac covered bond supply hopes boosted
The outlook for Asian covered bond supply will have improved slightly in the wake of Tuesday’s deal from United Overseas Bank, particularly among Singaporean lenders. But issuance from Australia and New Zealand is expected to be more limited, reflecting their banks' priority to get ahead with regulatory funding.
25 Nov 2020 -
Hungary euro covered bond issuance set for revival
After a decade of slumber, the market for euro-denominated Hungarian covered bonds could be poised to reopen. Hungary covered bonds may have a low country ceiling credit rating but the market is well protected and could offer positive yields.
24 Nov 2020 -
UOB breaks several covered bond records
United Overseas Bank revitalised the moribund Singaporean covered bond market on Tuesday with the first euro deal in two years and the largest from a Singaporean issuer. The bonds attracted record demand and were priced inside UOB’s curve, showing the extraordinarily receptive state of the market.
24 Nov 2020 -
Brexit deal to send UK covered bonds tighter
As the UK approaches the end of its Brexit transition period there are growing expectations that a trade deal will be struck with the EU. It is hoped that that will contribute to the factors driving spreads tighter on UK covered bonds.
23 Nov 2020 -
UOB to issue first Singapore covered bond in two years
United Overseas Bank has mandated leads for the first euro covered bond benchmark from a Singapore lender since September 2018. The deal takes advantage of the Monetary Authority of Singapore’s (MAS) recent decision to increase covered bond issuance capacity.
23 Nov 2020 -
Dutch banks warm to soft bullet covered bonds
Dutch issuers are warming towards soft bullet covered bonds, with several having already launched deals with the structure this year, as part of a move away from conditional pass through (CPT) issuance.
20 Nov 2020 -
Rabo’s tightest 20 year is 2020’s largest
Rabobank sold the largest 20 year covered bond of the year at the tightest spread it has ever achieved in that tenor on Thursday, illustrating superb market conditions.
19 Nov 2020 -
Voracious ECB to keep gobbling covered bonds
Limited supply prospects next year suggest that relentless purchases under the European Central Bank’s Covered Bond Purchase Programme (CBPP3) will continue to exert a strong influence on yields, squeezing more real money investors out of the market, even though its gross purchases may decline.
19 Nov 2020
