Ireland

AIB Mortgage Bank was said to be struggling to build a book for its three year mortgage backed jumbo covered bond this (Monday) morning at guidance of 10bp over mid-swaps as the heavy pipeline appeared to have finally broken the primary market’s back, with covered bond investors finding plenty of reasons not to buy. Abbey is said to have postponed its planned issue in light of the torrid conditions.

Depfa is setting up a 144A US MTN programme and is on the road in the States. Until now Depfa has issued its 144A benchmark deals on a standalone basis.

Fitch Ratings delivered an optimistic assessment of the performance of the leading Portugese banks in the first half of 2007. The report, published on Friday, expects the banks to maintain this strong performance despite recent difficult market conditions.

Depfa ACS Bank reopened the dollar covered bond market today with a $2bn three year benchmark, albeit in Eurobond format rather than targeting US accounts.