France

La Caixa this (Thursday) morning launched the fourth cédulas in a week, a three year issue that bankers away from the leads said was ambitiously priced, after Banco Sabadell yesterday became the first Spanish issuer to reach a Eu1bn deal size since July. The Spanish covered bond was the only new benchmark in the market this morning, after issuers including CM-CIC and Royal Bank of Scotland wrapped up new issues yesterday.

UniCredit launched its first benchmark obbligazioni bancarie garantite issue of the year this (Tuesday) morning to extend the market’s post-holiday reopening to Italy, while Spain’s Banco Popular Español is offering a record spread for a Eu500m minimum three year cédulas issue.

Covered bond supply eased today (Wednesday) after some Eu5.3bn of supply in the past three working days, with no new deals officially live and only DnB Nor, Erste and CRH wrapping up issuance yesterday afternoon.

DnB Nor Boligkreditt is pricing a Eu1.5bn seven year covered bond today (Tuesday) after ING Bank reopened the jumbo market yesterday, while further jumbo, sub-jumbo and roadshow projects are in motion.

Banques Populaires yesterday (Wednesday) priced a Eu340m increase to a 2.625% June 2015 covered bond at 50bp over mid-swaps, in line with guidance.

Canadian Imperial Bank of Commerce took its covered bond funding in the US market this year to $4.25bn (Eu3.27bn/C$4.39bn) yesterday (Tuesday), increasing its two outstanding 144A issues by a combined $1bn. Meanwhile, French taps in euros continued with Banques Populaires Covered Bond.

Toronto-Dominion launched a $2bn five year inaugural covered bond yesterday (Thursday), becoming the fifth Canadian bank to tap the dollar market with a covered bond this year. Compagnie de Financement Foncier today launched the fourth euro tap of the week, increasing its recent 15 year deal by Eu450m.

Bank of Nova Scotia priced a $2.5bn (Eu1.96bn) three year covered bond yesterday (Thursday) that is the second largest ever dollar covered bond and the largest fixed rate single tranche dollar issue from a Canadian bank in any format, according to data from Dealogic. In euros activity has been confined to taps.

Compagnie de Financement Foncier yesterday (Tuesday) sold a $1.8bn (Eu1.4bn) two year dual tranche 144A issue, its second US targeted dollar benchmark covered bond this year and the first to be launched off a new US MTN programme.

A Eu1.25bn 15 year Crédit Agricole issue yesterday (Monday) provided the market with the strong transaction that it needed following the end of the European Central Bank’s covered bond purchase programme (CBPP), a syndicate official at one of the leads told The Cover.

Crédit Agricole today (Monday) launched the first jumbo covered bond since the end of the European Central Bank’s purchase programme, offering investors the first Eu1bn-plus 15 year transaction of 2010.