Italy

Banco Popolare is lining up to launch what would be the fourth new Italian covered bond in 10 days, while the dollar market could be reopened today (Wednesday).

Italy’s UBI Banca is today (Monday) following through with a seven year benchmark covered bond that it postponed in early summer, while the UK’s Nationwide Building Society is preparing to return to the market for the first time in three years and Deutsche Kreditbank has priced a Eu500m five year issue.

Italy’s Banca Carige was happy to follow UniCredit into the obbligazioni bancarie garantite market yesterday (Wednesday), selling a Eu500m three year issue. UniCredit, meanwhile, was pleased with its results after having waited to issue since June, the issuer told The Cover.

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.

ING Bank launched the first Eu1bn-plus covered bond issue of the autumn season this (Monday) morning, with DnB Nor Boligkreditt announcing a new benchmark afterwards. At least one more mandate is expected soon, but some bankers said that the restraint being shown by issuers was encouraging.

Banca delle Marche hopes to issue its first covered bond when the market reopens after the summer break, a funding official at the bank told The Cover.

Banca delle Marche has set up a Eu5bn covered bond programme, according to a rating release from Moody’s.

Eurohypo yesterday (Wednesday) priced a Eu500m four year mortgage-backed Pfandbrief, the fourth sub-Eu1bn deal of six sizeable issues launched this week. Meanwhile, HSH Nordbank plans to access the benchmark covered bond market.

Banca Monte dei Paschi di Siena, the world’s oldest banking group, yesterday (Tuesday) publicly inaugurated its Eu10bn Italian covered bond programme with a five year issue that achieved a targeted size of Eu1bn.

Banca Monte dei Paschi di Siena is taking the place of UBI Banca in reopening the Italian covered bond market, launching its inaugural deal today (Tuesday), but the reopening of the obbligazioni bancarie garantite segment has been badly managed, according to bankers. Meanwhile, four other issues are accessing the market today.

Four covered bond issuers were this (Monday) morning said to be lining up to tap the covered bond market, with the level being floated for a mooted Italian transaction surprising market participants.

Royal Bank of Scotland launched its first benchmark covered bond this (Wednesday) morning, a Eu1.25bn three year issue that market participants said had succeeded despite coming in a tough market and as the number of Eu500m or greater deals this week hit 10, totalling Eu9.2bn. Meanwhile, Aareal Bank and WL Bank added to the growing supply of sub-Eu1bn issues.