Pre-migration untagged articles

Deutsche Pfandbriefbank (pbb) this week priced its third benchmark covered bond since the restructuring of Hypo Real Estate Group, a Eu1bn seven year public sector Pfandbrief.

European investors showed strong appetite for a 15 year transaction from the Republic of Poland this week, which came amid a flurry of sovereign issues from all parts of the globe.

The Asian Development Bank this week issued the first new Kangaroo bond of the year, a A$1bn ($925m) five year deal, amid a busy week for the product.

Banco de Sabadell this week priced its first benchmark covered bond since April 2008, a Eu1bn four year cédulas hipotecarias intended to contribute to refinancing Eu1.25bn of covered bond paper that falls due in May.

Triple-A borrowers flooded the European commercial paper market with chunky dollar trades this week, taking advantage of an attractive basis swap. Issuers included a wide range of European triple-A rated borrowers with central banks keen investors.

DnB Nor Boligkreditt launched a Eu1.5bn seven year issue on Monday that was its first issue for a year-and-a-half and its longest dated euro benchmark covered bond.

Buying under the European Central Bank’s Eu60bn purchase programme has picked up after a lull over the winter holidays, with this week’s reporting capturing any purchases of the first of last week’s flurry of deals.

The inaugural benchmark for HSBC Covered Bonds (France) was on Wednesday priced at the tight end of where it had been whispered, in contrast to most of the week’s covered bond supply and despite being the seventh seven year of 2010.

ING Bank won investors around to the first 10 year benchmark of the year this week when it widened guidance on a Eu1.25bn issue from its initial price whisper the day before launch.

Nine benchmark offerings totalling Eu11.75bn made this the busiest ever week in the covered bond market but the record came at a price, as the weight of supply forced issuers to pay higher new issue premiums or even, in the case of Abbey National Treasury Services, scrap plans to issue.

A clutch of sovereign agency and other high-quality credits sold euro floating rate notes this week as funding levels inched out to attract investors. Republic of Finland, Caisse d’Amortissement de la Dette Sociale, NRW.Bank and L-Bank, all issued the product.

Swedbank Mortgage this week became the first issuer to price a three year benchmark covered bond this year, aiming to distinguish itself from the longer dated issuance that had dominated supply so far.