Covered Bonds - All Articles

  • Italians compete for space

    After good buying in the long end of the French curve at the end of last week, spurred by the back-up in yields, secondary market activity has slowed markedly and the focus is once again back on the primary where there are several deals are in play. The Italian market is taking centre stage amid concerns that one issuer might crowd out the other.

    • 31 Jan 2011
  • Santander's UK RMBS guidance

    Guidance is out on Holmes 2011-1, the first UK RMBS of the new year. Leads BNP Paribas, Deutsche Bank, JP Morgan and Santander GBM are offering the 2.9 year average life dollar tranche at around 135bp over three month Libor, the 4.9 year average life euro tranche at 145bp-150bp over three month Euribor, and the 4.9 year average life sterling tranche at around 145bp over three month Libor. The $500m 0.9 year average life dollar tranche has been preplaced.

    • 31 Jan 2011
  • Agencies reassure on Spanish foreclosure

    A provincial Spanish court decision allowing borrowers to walk away from their mortgage obligations will have no effect on Spanish RMBS or covered bonds, as other courts are expected overrule the decision, say Fitch and Moody’s.

    • 31 Jan 2011
  • Deal pipeline - 31 January 2011

    • 31 Jan 2011
  • Deals priced - 31 January 2011

    • 31 Jan 2011
  • La Caixa RWN should not affect its Cedulas

    Fitch and Moody’s placed La Caixa (A+/A2) on negative review last Friday. The rating comes despite a 45bp rally in its senior unsecured CDS at the time it reported results, and ahead of a rumoured five year cédulas issue. Despite the seemingly negative repercussions the prospective deal would remain triple A, even if a downgrade followed.

    • 31 Jan 2011
  • Sparebank re-emerges on yield back-up

    The primary market for covered bonds appeared to be slowing down with just two taps, LBBW’s Eu250m January 2016 and MuHyp’s Eu150m October 13. Though there was plenty of talk about other possible deals, the primary market had started to look a bit thin on the ground.

    • 28 Jan 2011
  • Swiss take cover from spurned senior paper

    Financial borrowers are suffering as Swiss franc investors dump senior unsecured paper for covered bonds in the face of regulatory changes and the eurozone sovereign crisis.

    • 28 Jan 2011
  • Mood positive but multi-cédulas hopes premature

    Sentiment in Spain has improved dramatically in the last week, helped by a buoyant SSA sector along with an announcement from the Spanish finance minister of a set of measures which include ensuring funding for Spanish banks. Second and even third tier Spanish institutions could conceivably issue, though it’s likely more time will be needed before a multi-cédulas deal is possible.

    • 28 Jan 2011
  • BPE upsized, cédulas set for possible resurgence

    Banco Popular Español (BPE) launched the fourth Spanish covered bond of 2011 on Wednesday, amidst hopes that the record premiums which recent Spanish issuers have been forced to offer, may be set to fall.

    • 28 Jan 2011
  • SG, 3CIF keep French covered market firing

    French covered bond issuance maintained momentum this week with two deals surfacing. Both were successful — but had to pay up for the privilege.

    • 28 Jan 2011
  • Good two way secondary flows across the board

    Secondary market activity has picked up across the board with bankers reporting decent interest in France the UK long end, Germany and, most importantly, Spain.

    • 28 Jan 2011
  • Nationwide blazes trail, Lloyds TSB could be up next

    Nationwide Building Society’s £750m 15 year sterling denominated covered bond was remarkable, not just for it being the longest duration of any covered bond issued this year, but for the sheer scale of demand emanating from UK insurance companies. Changes to Solvency II made last year meant that covered bonds were likely to be much more attractive as investments — but up until now no one had tested the water.

    • 28 Jan 2011
  • BPE increased as hopes rise for Spanish issuers

    Banco Popular Español (BPE) launched the fourth Spanish covered bond of 2011 on Wednesday, as hopes rose that the record premiums which recent Spanish issuers have been forced to offer may be set to fall.

    • 28 Jan 2011
  • NBC takes giant leap, prices through curve

    The National Bank of Canada this week launched the third Canadian dollar denominated benchmark of the year. It inaugural deal issued off a newly set up $5bn programme, arguably achieved what no other covered bond deal has been able to do this year.

    • 28 Jan 2011
  • Price sensitive LTSB, La Caixa and Sabadell

    Looking ahead, market participants expect more deals to emerge. This morning Banca Monte dei Paschi di Siena announced that Credit Suisse, JP Morgan, Mediobanca, MPS Capital Services, Natixis and Nomura will lead manage a euro benchmark in the near future. Elsewhere in Italy, Credito Emiliano is expected having been on a non-deal roadshow last year.

    • 28 Jan 2011
  • All benchmarks

    • 27 Jan 2011
  • Peripheral rally shores sentiment

    The mood is buoyant and several deals look likely to be announced before long. LTSB and Nationwide have been added to the existing rumours of La Caixa and Sabadell, but with sentiment improving issuers are thinking the market is on a roll so maybe they are better placed to wait a few days more, in which case funding costs could be shaved by even more.

    • 27 Jan 2011
  • SG pricing: an inexact science

    Société Générale yesterday (Wednesday) priced its Eu1bn 4.25% 2023, a deal conspicuous for its level of oversubscription, the highest of any covered bond deal so far this year. Buoyant sentiment and rarity clearly played a role –along with the pervasive new issue premium which, not surprisingly given the scale of demand, was deemed by some to be too large.

    • 27 Jan 2011
  • Spanish plans improve cédulas prospects

    Measures to be implemented by the Spanish government in order to restore market confidence in the economy and domestic financial institutions could allow lower tier Spanish banks to resume issuance analysts say.

    • 27 Jan 2011
  • Holmes structure comes into focus

    Santander’s Holmes 2011-1 issue will feature a hard bullet 0.9 year ‘A1’ dollar tranche, as well as a 2.9 year ‘A2’ dollar tranche, and 4.9 year ‘A3’ euro and ‘A4’ sterling tranches. The issuer has preplaced the $500m A1 notes. All the tranches will be floating rate, with the ‘A1’ notes benchmarked to one month Libor, and the other tranches to three month Libor or Euribor.

    • 27 Jan 2011
  • 3CIF increasingly well recognised

    CIF Euromortgage successfully priced (on Tuesday) a €1bn five year obligation fonciere achieving a high degree of oversubscription. Though it could have issued a bigger transaction, the bank opted for a quality placement that, for a French issuer, saw high penetration into the core North European buy & hold investor base.

    • 26 Jan 2011
  • NBC prices through curve

    The National Bank of Canada’s inaugural covered bond deal arguably achieved what no other covered bond deal has been able to do this year. As opposed to coming with a hefty new issue premium, it priced through the closest comparables. Moreover, with an over subscription of 2.5 times, it attracted the highest level of oversubscription of any covered bond, at that time so far this year. The result had as much to do with the name as it did the tenor.

    • 26 Jan 2011
  • High on EFSF fumes

    Despite decent selling of 10-year paper in the secondary market, the overall tone remains very positive. In the primary market this was most conspicuous in the books for SG’s Eu1bn 12-year, which has attracted the largest oversubscription so far this year. Banco Popular's deal has also gone smoothly.

    • 26 Jan 2011
  • All covered bonds

    • 25 Jan 2011
  • Generous CIF provokes more switching

    The new issue market is gingerly picking up steam with CIF Euromortgage imminent and Kommunalkredit on the road. Sentiment is positive and has been boosted by a likely strong result for the EFSF deal. That said it’s clear that issuers must continue to offer attractive new issue premiums especially in France, the most prolific of regions so far this year.

    • 25 Jan 2011
  • Collateral characteristics and structure of Westpac

    Fitch today (Tuesday) assigned Westpac New Zealand’s first series of mortgage covered bonds an expected triple A rating.

    • 25 Jan 2011
  • Nomura hires covered bond veteran

    Nomura has hired a new covered bond syndicate banker, The Cover can reveal.

    • 25 Jan 2011
  • Spanish hopes rise ahead of EFSF

    The covered bond primary market has ground to a halt as players look to the upcoming EFSF issue, which is due to price Tuesday. Once that’s out of the way there are high hopes the market will rebound, particularly for Spanish bonds which have performed well recently.

    • 24 Jan 2011
  • Compagnie Financement Foncier

    • 24 Jan 2011
  • Dolphin mandated as Arena stays tight

    Delta Lloyd’s Arena 2011-1, the first European ABS deal of the year, priced at the tight end of guidance on Friday, signalling that the market is ready for more Dutch prime.

    • 24 Jan 2011
  • RBNZ limits covered bond issuance

    Market reaction to The Reserve Bank of New Zealand’s announcement that a regulatory limit will be applied to the issuance of covered bonds by domestic banks has been positive. Some market participants however say its stance is too conservative, and does not take into account the benefits of covered bonds in terms of market access and funding costs.

    • 24 Jan 2011
  • Crédit Agricole expands covered bond team

    Crédit Agricole has recently been on a hiring spree in the covered bond and SSA space.

    • 24 Jan 2011
  • Covered goes global

    A clutch of issuers from outside Europe leapt into the covered bond market across a range of currencies this past week in what was a spectacular display of a sector that is becoming increasingly global.

    • 21 Jan 2011
  • Nationwide blazes trail

    The UK’s Nationwide Building Society today priced a groundbreaking 15-year covered bond which, for the first time, has attracted UK insurance company demand on a scale that was, until recently, not imaginable. Recent changes to Solvency II, a significant back up in spreads and several other factors have forced these buyers to look at the product with a fresh set of eyes. And where Nationwide has trailed –others are sure to follow.

    • 21 Jan 2011
  • Covered bonds go global as issuers fly in

    A clutch of issuers from outside Europe leapt into the covered bond market across a range of currencies this week in what was a spectacular display of a sector that is becoming increasingly international and important to bank funding teams around the world.

    • 21 Jan 2011
  • HSH rides domestic demand

    HSH Nordbank’s issued 3-1/2 year Pfandbrief on Thursday which, despite competing with other deals in the same part of the curve, benefitted from robust demand from local savings banks, attracting a reasonable oversubscription from these quality buyers.

    • 21 Jan 2011
  • Crédit Agricole attracts largest book so far this year

    French issuance continues unabated with Banques Populaires launching its first, and Crédit Agricole its second, covered bond of the year yesterday (Thursday). Both went well, but the sheer size of the order book for Crédit Agricole’s deal surprised many –being the largest so far this year.

    • 21 Jan 2011
  • Intesa pays premium to reopen Italian market

    Intesa Sanpaolo reopened the Italian covered bond market last Friday, launching the first of three obbligazioni bancarie garantite (OBG) which came within six days of each other.

    • 21 Jan 2011
  • UBI Banca opens way for mid sized banks

    UBI Banca joined Intesa Sanpaolo at the long end of the curve in a benchmark deal that leads said would help breed confidence for other mid sized Italian banks to tap the covered bond market.

    • 21 Jan 2011
  • Euro jumbos

    • 21 Jan 2011
  • Delta Lloyd's Arena RMBS book to close Friday

    Books on Dutch mortgage lender Delta Lloyd’s Arena 2011-1 RMBS will close on Friday, according to syndicate bankers managing the sale. Joint leads Rabobank and Royal Bank of Scotland are still waiting for a number of accounts to come in but books are building for the publicly sold senior tranches.

    • 20 Jan 2011
  • All Benchmarks

    • 20 Jan 2011
  • Primary surges as seven deals hit screens

    After a slow Wednesday, the European primary market aggressively picked up pace on Thursday with a range of seven deals from six jurisdictions was announced. Many have gone live and all appear to have been readily digested –in large part reflecting the constructive underlying tone to credit markets.

    • 20 Jan 2011
  • Holmes jumps first in UK prime RMBS

    Santander will bring the first UK prime RMBS deal of the year to market, through Holmes 2011-1. It has mandated BNP Paribas, Deutsche Bank, JP Morgan, and Santander GBM for a roadshow to start next week.

    • 20 Jan 2011
  • Arena guidance out, but new regs slow progress

    Guidance on Arena 2011-1, the first European RMBS of 2011, will be 105bp-110bp on the A1 notes and 145bp-150bp on the A2s, but deal progress has been slow, as harsher regulatory disclosure requirements start to bite.

    • 19 Jan 2011
  • Fitch cuts NBG’s covered bonds on sovereign rating

    Fitch yesterday (Tuesday) downgraded covered bonds issued by the National Bank of Greece to BBB+ and removed them from negative review.

    • 19 Jan 2011
  • ABN Amro’s covered bond stuck at Sfr150m

    Choppy market conditions limited Tuesday’s seven year covered bond for ABN Amro to the launch size of Sfr150m. This is the borrower’s second deal of the year after last week’s Sfr150m five year senior unsecured trade. Credit Suisse and BNP Paribas were the lead managers.

    • 19 Jan 2011
  • Canadian, Oz and Kiwis enter as Europeans slacken

    The primary market for European bank issued covered bonds appears to be gently slowing with just one deal from France’s Dexia MA pricing yesterday and another from Germany’s Aareal closing books at midday. In contrast a number of transactions are in the works from Canadian and Australian banks across a range of currencies –inaugural deals from new issuers and several rumours of others.

    • 19 Jan 2011
  • Skeet joins Amias Berman

    Covered bond stalwart, Tim Skeet, has this week commenced work with fixed income brokerage, advisory and origination firm, Amias Berman & Co (ABco).

    • 19 Jan 2011
  • Moody’s reports highest level of RWN since 2007

    Moody’s expects negative rating actions on covered bonds to substantially outnumber any positive actions in the year ahead, due principally to weakness in the sovereign and banking sectors.

    • 19 Jan 2011
  • BayernLB attracts decent foreign demand

    BayernLB yesterday (Monday) tapped the covered bond market for a Eu1bn public sector backed Pfandbrief via joint leads BayernLB, Crédit Agricole, DZ Bank HSBC and SG. The 2.75% July 2016 priced in line with mid swaps plus 12bp area guidance on a modestly oversubscribed order book and particularly benefited from strong foreign investor demand.

    • 18 Jan 2011
  • Dexia MA triple digit spread viewed as interesting

    The focus of attention today is on Dexia MA which is expected to price a 10-year Obligation foncières this afternoon in line with guidance of mid swaps plus low 100bp area through joint leads Crédit Agricole, Dexia, DZ, and SG.

    • 18 Jan 2011
  • All covered bonds

    • 18 Jan 2011
  • Abbey goes for quality over size

    The UK’s Abbey yesterday priced a Eu750m seven year UK regulated covered bond in line with guidance at 150bp over mid swaps. Though ostensibly a smooth book build, those close to the deal said it was far from straightforward, in large part owing to the pricing challenges it faced with respect to its parent company, Santander. Nonetheless, with careful attention to pricing comparables and deal size, a good quality book was successfully achieved.

    • 18 Jan 2011
  • Fitch lowers five Greek issuers on sovereign cut

    Fitch yesterday (Monday) downgraded the issuer ratings of five Greek banks from BBB- to BB+ and removed them from negative review, though the outlook on the long term ratings is negative.

    • 18 Jan 2011
  • Strong foreign bid for Banco Popolare’s OBG

    Banco Popolare Societa Cooperativia launched a Eu700m three year obbligazioni bancarie garantite yesterday (Monday), following Intesa Sanpaolo’s successful reopening of the Italian covered bond market last week. Although the deal had all the hallmarks of success, there is an increasing concern that investors now have so much high yield choice from top-tier names that second tier institutions, like Popolare, risk being crowded out.

    • 18 Jan 2011
  • S&P counterparty doomsday postponed

    Standard and Poor’s new structured finance counterparty criteria, which were due to go into effect today, will not apply to covered bonds until S&P has the chance to review further. Until Thursday, up to 80% of covered bond programmes were expected to go on CreditWatch Negative today, with the rating agency reporting only a few covered bond issuers that had credible plans to make their programmes compliant.

    • 17 Jan 2011
  • Primary pace maintains momentum

    After a busy close to last week, covered bond activity has followed through this week with Abbey, Dexia MA and Westpac announcing deals while active bookbuilding commenced on Abbey, Banco Populare and Bayern LB.

    • 17 Jan 2011
  • Leads take no risks with Intesa

    Leads could not afford to take any risks with the pricing of Intesa Sanpaolo’s Eu1.5bn 10-year last week and therefore opted, for what some believed, was an overly generous price. But with an eye on the long line of local issuers that plan to follow it, leads and the issuer had to price the deal responsibly –for the benefit of the Italian market as a whole.

    • 17 Jan 2011
  • Swedbank sells delayed five year

    Swedbank Mortgage Bank on Friday launched a Eu1bn five year deal which had been postponed the previous week. Though this delay probably benefitted the issuer, some players seemed to think this was not the best execution.

    • 17 Jan 2011
  • Intesa reopens Italian market in 2011

    Intesa Sanpaolo launched a Eu1.5bn 10 year obbligazioni bancarie garantite today (Friday), the first Italian issue of the new year, and one of the most heavily oversubscribed deals of the last two weeks.

    • 14 Jan 2011
  • Lloyds stumbles, RBS strengthens in secondary

    Lloyds TSB and Royal Bank of Scotland came to market last Friday though success was not uniform across the two UK transactions.

    • 14 Jan 2011
  • Euro jumbos

    • 14 Jan 2011
  • Bankinter succeeds but at what price?

    Spain’s Bankinter has priced a Eu500m, no grow, two-year cédulas hipotecárias at 310bp over mid-swaps which, though inside 315bp area guidance and a 320bp price whisper, was the widest primary print for any Spanish issuer on record.

    • 14 Jan 2011
  • Safe Swedish pair

    Two Swedish transactions appear to have gone smoothly, underscoring in one syndicate banker’s view the “safe haven bid for anything Scandinavian”.

    • 14 Jan 2011
  • BayernLB mandates

    Bayerische Landesbank has mandated BayernLB, Credit Agricole, DZ, HSBC and SG for a July 2016 public sector jumbo Pfandbrief.

    • 14 Jan 2011
  • Pfandbrief buyers still not full as supply grows

    A trio of German issuers launched benchmark deals across a range of maturities this week, all of which met with strong domestic demand as cash-rich German investors showed no signs of indigestion.

    • 14 Jan 2011
  • BaFin clarification could hit multi-cédulas hard

    In a move that may lead to renewed volatility of certain covered bonds, the German regulator, BaFin, sent out a draft letter that aims to clarify how domestic insurance companies treat structured covered bonds for capital adequacy purposes. The harsher treatment has added to concerns that these structures may weaken, though for some investors this may herald an investment opportunity.

    • 14 Jan 2011
  • Investors pick pricing with premiums starting to rise

    The deluge of pent-up covered supply has made it a buyers’ market. One result of this has been a noticeable rise in the new issue premiums necessary to attract investor attention, though even this is no guarantee of smooth execution.

    • 14 Jan 2011
  • Erste sees strong demand for rare Austrian 10 year

    Austria’s Erste Group Bank has closed books on a Eu1bn 10 year benchmark, which is expectred to price in line with guidance of the low 70bp over mid-swaps area. The rare benchmark, jointly led by Barclays Capital, Credit Agricole, DZ Bank and Erste, has proved a runaway success.

    • 13 Jan 2011
  • Caja Murcia cédulas cut on issuer downgrade

    Fitch yesterday (Wednesday) downgraded mortgage backed covered bonds issued by Caja de Ahorros de Murcia from AAA to AA, and removed them from negative review, following its downgrade of Caja Murcia’s issuer rating from A+ to BBB+.

    • 13 Jan 2011
  • Eurohypo capitalizes on unwavering German demand

    Eurohypo convinced 75 accounts to participate in a Eu1.25bn five transaction yesterday (Wednesday), the majority of which were real money investors with German interest driving demand.

    • 13 Jan 2011
  • Credit Ag goes short in Swiss

    Crédit Agricole has issued a Sfr275m three year Swiss franc covered bond, tapping institutional demand for shortening durations. While extended durations were the order of the day at the end of 2010, some asset managers are expecting a rise in interest rates this year and they are scrambling to shorten the duration of their portfolios.

    • 13 Jan 2011
  • Peripheral supply announced after auction optimism

    Following successful Spanish and Italian government bond auctions the primary covered bond market picked up pace today with three mandate announcements two of which are from peripheral European jurisdictions. And, while conditions hold out, there are likely to be a few more mandates in the wings.

    • 13 Jan 2011
  • Regulatory ABS squeeze boosts covered bonds -JPM

    JP Morgan’s ABS outlook for the year says that the regulatory preference for covered bonds at the expense of securitisation has never been more prominent, and predicts that ABS will still play second fiddle to covered bonds as the preferred secured funding route.

    • 12 Jan 2011
  • Multi-cédulas show value, but could cheapen

    News earlier this week that the German regulator, Bafin, had sent out a draft letter regarding the treatment of structured covered bonds, has added to concerns that certain structures may see renewed selling pressure. But for some investors this may herald an investment opportunity.

    • 12 Jan 2011
  • Eurohypo pays up but has market to itself

    Germany’s Eurohypo had the primary market to itself today, launching a Eu1.25bn five year mortgage backed Pfandbrief at 40bp over mid swaps, the middle of guidance. The deal is expected to price this afternoon via leads Commerzbank, Barclays Capital, BNP Paribas, UniCredit and UBS.

    • 12 Jan 2011
  • All benchmarks

    • 12 Jan 2011
  • LBBW’s Oepfa is more like a rates product

    The pricing of LBBW’s three year public sector Pfandbrief yesterday was probably one of the easiest trades of this year. Along with a handful of other German issuers, it is about as far up towards the rates spectrum for covered bonds as any issuer can get.

    • 11 Jan 2011
  • Flurry turns to radio silence

    After the flurry of four deals that priced yesterday afternoon (See separate comments), the market has gone into radio silence.

    • 11 Jan 2011
  • Domestic banks pile in for Germany duo

    Dexia Kommunal Bank sold a Eu1b five year benchmark yesterday (Monday), which leads BayernLB, DZ Bank, Deka Bank, Deutsche Bank, Dexia, HSBC and UniCredit priced at 35bp over mid swaps, the middle of guidance.

    • 11 Jan 2011
  • Fitch places Navarra’s cédulas on negative review

    Fitch today (Tuesday) placed mortgage covered bonds issued by Caja de Ahorros y Monte de Piedad de Navarra on review for possible downgrade.

    • 11 Jan 2011
  • French insurers lift CM CIC

    CM CIC yesterday priced the first French covered bond to extend beyond the well populated 10-year part of the curve, issuing a Eu1bn 12-year. The 4.125% due 16 January 2023 was jointly led by Barclays Capital, Deutsche Bank and HSBC.

    • 11 Jan 2011
  • Santander blights Spanish issuance hopes

    BBVA and Santander’s respective three and five year cédulas deals are offered in the Street with no bid, making the task of other Spanish issuers looking to tap the market that much more challenging.

    • 10 Jan 2011
  • Primary binge continues, Santander widens

    The primary covered bond market continues to power ahead with four transactions currently being marketed. LBBW, Dexia Kommunalbank, NordLB and CM CIC are in the market with three, five, 10 and 12-year covered bonds respectively.

    • 10 Jan 2011
  • NordLB sells rare tight 10 year

    Norddeutsche Landesbank today (Monday) launched a Eu1bn no grow 10 year Pfandbrief, which leads Barclays Capital, BayernLB, Natixis, NordLB and UniCredit will price at 20bp over mid swaps, the middle of guidance.

    • 10 Jan 2011
  • First RMBS of 2011 as S&P ‘doomsday’ approaches

    Rabobank and Royal Bank of Scotland will take Delta Lloyd’s Arena 2011-1 RMBS on the road this week, in what could be the first European RMBS of 2011.

    • 10 Jan 2011
  • All covered bonds

    • 10 Jan 2011
  • Euro jumbos

    • 07 Jan 2011
  • LTSB gets it right –in the end

    Lloyds TSB today priced a Eu750m 12-year UK covered bond as much as 10bp outside initial guidance at mid swaps plus 150bp –yielding a juicy 4.875%, via joint leads Lloyds TSB, Natixis, UBS and UniCredit.

    • 07 Jan 2011
  • Nationwide prepares programme for new format

    Nationwide building society has amended its Eu45bn euro covered bond programme to allow the issuance of Namensschuldverschreibung, registered bonds issued under German law.

    • 07 Jan 2011
  • Covered bond supply surges, issuance roars on

    The covered bond market leapt back into life this week with a sparkling array of deals that may set the tone for the sector in the year ahead.

    • 07 Jan 2011
  • RBS gives strong performance in secondary market

    Royal Bank of Scotland launched a Eu1bn seven year transaction that leads BNP Paribas, ING, RBS and UBS priced at 125bp, the middle of guidance.

    • 07 Jan 2011
  • Covered bond stampede

    The covered bond market has experienced its busiest ever week with as many as 15 deals pricing, giving a grand total of about Eu19bn over the holiday shortened week.

    • 07 Jan 2011
  • CRH brings deal forward on strong demand

    Caisse de Refinancement de l’Habitat became the fifth French issuer of the new year to price a benchmark covered bond yesterday (Thursday), having originally planned to print next week according to a syndicate official at one of the leads.

    • 07 Jan 2011
  • ING, ABN Amro show way with first Dutch deals of year

    ING and ABN Amro were the first Dutch names to come to market in the new year. On Tuesday ING sold a Eu1.25bn seven year transaction, which was priced at 60bp over mid-swaps, the middle of guidance, via leads Barclays, ING, Natixis and UniCredit.

    • 07 Jan 2011
  • Banks stampede into covered bonds as EC gives its blessing

    A regulatory boost over bail-ins and banks’ hunger for liquidity drove the covered bond market to new supply records this week and raised fears of pushback from the product’s limited investor base.

    • 07 Jan 2011
  • EC draft may lend support to covered bid

    The iTraxx senior financials is trading wider ahead of the release of the EC’s latest draft consultation paper, which is likely to confirm suspicions that an EU wide initiative on bank bail-ins is going to be hard-coded into regulation.

    • 06 Jan 2011
  • Santander deal hints at challenges ahead

    Santander priced what was possibly one of the more challenging deals of the week, a Eu1bn five year via leads Barclays Capital, Citgroup, Goldman Sachs, LBBW and Santander.

    • 06 Jan 2011