Germany

Deutsche Postbank is today (Thursday) increasing its 3.125% July 2014 debut public sector Pfandbrief issue by Eu500m at a much tighter level than where the original issue was priced on 3 July. And Caisse de Refinancement de l’Habitat is the latest French issuer to join the recent tapping activity.

Westfälische Landschaft Bodenkreditbank is today (Friday) adding Eu250m to a Eu1.25bn November 2014 public sector Pfandbrief launched on 13 May. The increase is the first jumbo covered bond supply from a German issuer this month.

Moody’s yesterday (Thursday) downgraded Landesbank Baden-Württemberg’s senior debt rating from Aa1 to Aa2, concluding a review for downgrade initiated on 23 June.

In brief: Deutsche Hypothekenbank AG Hannover Berlin yesterday (Wednesday) priced a Eu500m three year mortgage Pfandbrief.

Dexia Kommunalbank today (Monday) increased its June 2014 public sector Pfandbrief by Eu500m.

BNP Paribas will today (Thursday) price a four year covered bond, its fourth of the year, at the ambitious level it was said to have been targeting. Meanwhile, Berlin Hyp nipped into the market.

SEB AG this (Tuesday) morning issued a Eu500m three year deal via UniCredit. Meanwhile, the European Central Bank has reported that Eu162m of covered bonds have been purchased under its programme.

Standard & Poor’s this week withdrew its ratings of the public sector Pfandbriefe issued by Deutsche Hypothekenbank AG Hannover Berlin. The rating agency’s proposed changes to its covered bond rating methodology and their possible consequences played a role in the issuer’s decision to request the withdrawal, a spokesperson at Deutsche Hypo told The Cover.

Deutsche Kreditbank on Tuesday priced its inaugural mortgage-backed Pfandbrief, a Eu500m five year deal that was nearly four times oversubscribed. However, the issuer told The Cover it has no plans to move into jumbos.

Deutsche Kreditbank is pricing its first mortgage backed Pfandbrief issue this (Tuesday) afternoon, a Eu500m five year deal that will come at the tight end of guidance.

Moody’s on Friday placed the Aa2 long term deposit and debt ratings of Sparkasse KölnBonn on review for possible downgrade.

A Eu9.2bn book for Deutsche Postbank’s Eu1bn five year public sector Pfandbrief debut on Friday left market participants questioning the healthiness of such a high level of oversubscription.