Pre-migration untagged articles

European issuers took advantage of euro-dollar basis swap volatility this week, creating some activity in what was otherwise a quiet few days for the ECP market. Towards the end of the week, issuers with funding targets in euros, such as KfW and Bank Nederlandse Gemeenten, issued one to three month dollar paper to exploit the attractive basis swap.

The SEC should treat covered bonds as "fundamentally different" from traditional ABS securities when it introduces its proposed investor protection rules, says the Association for Financial Markets in Europe/European Securitisation Forum.

Dealers of private EMTNs: Non-syndicated deals for less than $250m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of less than 365 days.

Norway’s Terra Boligkreditt is today (Friday) set to launch the first big new covered bond since the middle of July, bringing forward a market reopening that had been expected next week.

Fitch and Standard & Poor’s are assessing the possible impact on Greek covered bonds of a Greek personal bankruptcy law that will come into effect in September.

Volkswagen and Linde Finance sold Czech koruna and Australian dollars respectively in the MTN market this week, as corporate demand continued to outstrip supply.

Several foreign banks are investigating the possibility of issuing Pfandbriefe, which have become more attractive through a funding advantage that they have gained over the past several years, Jens Tolckmitt, chief executive of the Association of German Pfandbrief Banks, told The Cover, EuroWeek’s sister publication.

Fitch has reviewed the spread assumptions it applies to quantify the liquidity risk of sovereign debt backing covered bonds. It increased the stresses for exposure to southern European countries, while keeping others unchanged, it said this week.

The findings of a taskforce assigned with finding solutions to the problems affecting UK businesses’ access to secure and affordable funding, could set the agenda for the recovery across other European jurisdictions.