Norway

Three issuers this (Monday) morning launched or tapped benchmark covered bonds in a market buoyed by an agreement over the weekend on terms of an emergency loans package for Greece. Meanwhile, Dexia Municipal Agency has mandated for a deal that could be launched tomorrow (Tuesday).

Compagnie de Financement Foncier priced a Eu1bn five year covered bond this (Thursday) morning, while DnB Nor Boligkreditt has announced a mandate for a deal that market participants expect to be launched next week.

Fitch has revised the outlook on the A long term issuer rating of SpareBank 1 Boligkreditt from stable to negative, but upgraded its support rating from 2 to 1.

SpareBank 1 Boligkreditt launched a Eu1.25bn seven year covered bond a day earlier than planned yesterday (Wednesday) after being encouraged by feedback sparked by the deal’s announcement on Tuesday, the issuer told The Cover.

Lloyds TSB has priced a Eu1.5bn five year Regulated Covered Bond inside HBOS’s secondary curve, whose sway over the final re-offer level market participants had been debating given that the two issuers are part of the same group. Meanwhile, SpareBank 1 Boligkreditt issued a Eu1.25bn seven year deal.

A high quality cover pool comprised of Norwegian residential mortgages was a strong selling point for a Eu600m two-and-a-half year Terra Boligkreditt covered bond, the issuer told The Cover after pricing the issue yesterday (Monday) afternoon.

Lloyds TSB has opened the books for an inaugural issue off its Regulated Covered Bond programme today (Tuesday). Meanwhile, SpareBank 1 Boligkreditt has announced plans to tap the market.

Terra Boligkreditt will today (Monday) price a Eu600m two-and-a-half year covered bond that was increased from Eu500m on the back of strong demand, kick-starting what bankers expect to be a busy week for issuance.

Standard & Poor’s has affirmed the AAA ratings of a further four covered bond programmes under its new rating methodology. The programmes are those of DekaBank Deutsche Girozentrale, NRW.Bank, DnB Nor Boligkreditt, and BNP Paribas Public Sector Société de Crédit Foncier.

Terra Boligkreditt has joined the list of issuers waiting to launch euro-denominated covered bonds, having announced a mandate for a European roadshow for next week.

GCE Covered Bonds has closed the order books for a three year benchmark that will be priced at the tight end of revised guidance later today (Tuesday). Swedish Covered Bond Corporation could be the next issuer to follow, having announced a mandate for a five year deal.

DnB Nor Boligkreditt launched its first issue for a year-and-a-half and longest dated covered bond benchmark on Monday and the issuer told The Cover that it had accelerated its issuance plans to take advantage of the strong market reopening and pricing on offer.