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GC Asia
Latest News
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French banks may pre-fund with covered bonds
French banks have been among the most active issuers of covered bonds so far this year but, with the pace of mortgage origination expected to slow and deposit inflows rising, further supply is less certain with pre-funding for next year becoming an option with doubts over the longevity of the prevailing strong market conditions.
10 Aug 2020 -
Lower covered bond issuance increased OC levels, says Fitch
Overcollateralisation (OC) levels have increased on covered bond pools since last year for European issuers, Fitch Ratings said this week. But while issuers in some countries, like the UK, showed a rise above the average, borrowers that have participated in central bank funding, like those in Germany, have managed to keep OC levels down.
07 Aug 2020 -
Covered Bond Awards 2020 - only a week left to vote!
Market participants are invited to vote for their best deals, issuers and lead manager before GlobalCapital Covered Bond Awards 2020 survey closes on Friday August 14.
06 Aug 2020 -
Nykredit readies last tap of biggest ever covered
Danish covered bond auction season is underway with Nykredit and Nordea announcing sales. August’s auctions also provide the last opportunity to buy certain 30-year callable bonds, of which one is the largest covered bond ever issued.
06 Aug 2020 -
Squeeze tightens but no room for complacency
European Central Bank covered bond buying and mounting covered bond redemptions will exacerbate a technical squeeze — but with Bunds set to underperform swaps, issuers cannot afford to be complacent.
05 Aug 2020 -
Renovation revolution spurs green covereds
The refurbishment of existing housing stock promises to deliver big strides in cutting global carbon emissions and will provide issuers with a large new stream of green collateral to issue green covered bonds.
04 Aug 2020 -
A close call for this year’s covered bond awards
Just a few few votes separate the leading contenders in some of the categories in GlobalCapital’s Covered Bond Awards 2020 survey and, with the outcome uncertain, market participants that have not voted yet are encouraged to do so soon.
03 Aug 2020 -
LCR amendment could disrupt Lux covereds
The European Commission’s proposed amendment to the Liquidity Coverage Ratio Delegated Act suggests covered bonds, such as those issued by NordLB Luxembourg and others, could be excluded, which could extinguish banks’ demand for them. However, it is likely that a solution referencing the covered bond directive will be found.
03 Aug 2020 -
Covered frameworks using SPVs clearer and safer for bondholders, says Fitch
Covered bond issuers using programmes containing a special purpose vehicle (SPV) have more guidance on the treatment of bad loans and protect bondholders further compared with those using integrated templates, Fitch said this week when assessing the risk coronavirus era mortgage payment holidays pose to the asset class.
31 Jul 2020 -
National adoption of covered bond directive still on track
The transposition of the covered bond directive into national legislative frameworks is expected to have been completed by all member states within the next six months. But the clock is ticking, and a decision on whether to postpone implementation will be discussed in September.
30 Jul 2020
