Latvia
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Latvia was in market on Monday for a tap of a 30 year bond, returning to the line it opened three months ago. The deal enjoyed strong demand, allowing leads to slice 6bp from the spread. -
Valdis Dombrovskis, vice president of the European Commission, joined a chorus of voices at a European Covered Bond Council plenary meeting in Riga this week in praising efforts to create a harmonised covered bond framework for the Baltic states. But market participants said the project still had some way to go, with those involved working hard to flesh out the final details.
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The Energy-Efficient Mortgage (EEM) initiative took another important step towards its objective of delivering a standardised European framework on Wednesday, with an event in Latvia bringing together various sponsors to discuss plans for the market’s development.
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The covered bond industry and the Capital Markets Union (CMU) hit a new milestone on Thursday after the European Parliament’s plenary in Strasbourg adopted the text of the Covered Bond Directive just after midday.
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The Estonian parliament’s recent approval of covered bond legislation paves the way for the first Baltic deal, which could come from Luminor Bank, but whether it is initially secured on a pool of pan-Baltic mortgages remains to be seen.
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Parliamentary approval of Estonian covered bond legislation opens the way for Luminor Bank to make the first steps towards establishing a pan-Baltic covered bond market, according to the bank’s head of treasury, Max Ehrengren.
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Latvia came to market on Tuesday morning for a 30 year euro benchmark, reawakening a dormant Central and Eastern European bond market.
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The Republic of Latvia hit screens on Monday to announce a 30 year euro benchmark — breathing life back into what has been a rather quiet Central and Eastern European bond market.
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Luminor Bank, an Estonian financial institution, was looking to place a small senior unsecured deal in the euro market on Wednesday, in spite of volatile market conditions. The transaction will be the issuer’s first step towards reducing its reliance on bank facilities as a means of funding.
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