Germany

Bayerische Landesbank is reopening the benchmark covered bond market after the summer lull today (Thursday) with the first new jumbo Pfandbrief since the European Central Bank launched its purchase programme on 6 July. And it is doing so at levels some 20bp tighter than the last comparable transaction.

Tim Armbruster has left Commerzbank to join HRE Group as head of group liquidity management in the treasury management team.

Degussa Bank GmbH is set to become a Pfandbrief issuer, according to Dresdner Kleinwort analysts.

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.