Pre-migration untagged articles

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A Eu1bn five year issue from Finland’s OP Mortgage Bank was the most popular covered bond among 12 on offer this week, attracting Eu2bn of orders in less than half an hour.

CIF Euromortgage sized a 10 year obligations foncières issue at Eu700m on Tuesday only a day after Caisse de Refinancement de l’Habitat had priced the equal largest covered bond in the maturity this year, highlighting the difficulties volatile markets are causing covered bond issuers.

The covered bond market is in the middle of one of its busiest ever weeks, with seven issuers already having priced deals, although some had to make do with smaller sizes and wider spreads as supply began to weigh. The UK’s Royal Bank of Scotland is set to break so-called “core” countries’ hold on issuance, having on Wednesday launched its inaugural public covered bond. Read EuroWeek on Friday to find out how the market holds up under the hectic pace of issuance.

Nordea Bank is looking to come to the unsecured FIG market on Wednesday, having mandated HSBC, Goldman Sachs, Deutsche Bank and Nordea to do a three year FRN. The leads have gone out with guidance at 75bp over mid-swaps, with the deal expected to price on Wednesday afternoon. The only other senior unsecured deal in euros in the last seven weeks was Deutsche Bank’s tap of a three year FRN two weeks ago for Eu650m, at 73bp over mid-swaps. To find out whether market participants expect Nordea’s deal to lead the way for more issuance read EuroWeek on Friday or log on to euroweek.com/banks.

As the securitisation industry gets ready for the Global ABS conference next week, EuroWeek takes the pulse of the market. Is the distress in FIG credit a boon or a curse for structured finance? Read EuroWeek on Friday to find out.

Stadtwerke München signed the first jumbo Schuldschein transaction since the market peaked in 2008, prompting hopes that the market may prove a useful source of funding for large-cap issuers. Demand for the Bavarian utility was high, with a book of Eu1.7bn, while nearly 90% of the transaction had tenors of 10 years or more. To find out more, read EuroWeek this Friday.

Bank of Ireland’s shareholders strongly supported the lender’s Eu1.7bn cash call, which closed with a take-up of nearly 95% this week. The Irish state has backed parts of the deal but the result still shows that investors have confidence in Europe’s banks. BoI also sent a strong signal to Allied Irish Banks, which is planning a large cash call later in the year, but can it rely on similar support? Read EuroWeek on Friday.

KfW and Rentenbank have successfully sold two benchmarks this week while the State of Hessen and Schleswig-Holstein are planning benchmark issues for pricing later on in the week. The deals have benefited from investor appetite for anything German as market volatility and concerns around budget deficits in other eurozone countries continue to grip the market. To find out more about the deals, read EuroWeek on Friday.

A scare over Hungary’s solvency has shaken markets meaning prospects of new bond issues in emerging markets have been put back even further. EuroWeek on Friday asks how much of a concern is Hungary, and where the next EM fright may come from.