Pre-migration untagged articles
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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
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US investors shunned Eurohypo’s dollar benchmark mortgage Pfandbrief this week, forcing the issue to be called off, after an attempt to do without typical Rule 144A documentation underscored the limits to renewed stateside demand for covered bonds.
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The European Central Bank is pushing ahead with its own definition of a high quality structured covered bond in the absence of one from the industry, analysts said this week. This followed the ECB’s move to clarify when it will accept structured covered bonds issued by closely linked institutions as repo collateral.
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Sweden’s Skandinaviska Enskilda Banken priced a Eu1bn maximum seven year euro benchmark covered bond on Wednesday, a deal that syndicate bankers said was the highlight of a week in which other new issues met subdued demand against an unstable market backdrop.
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Belgium’s continuing failure to enact covered bond legislation and investors’ increasing preference for legislative over structured products has led Axa Bank Europe, the insurance company’s Brussels-based retail lender, to become the first foreign bank to set up an issuer under France’s obligations foncières framework. Its cover pool will be backed by Belgian residential mortgages.
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European supranational and agency issuers were the beneficiaries of moves in the dollar-euro basis swap in the commercial paper market at the beginning of the week.
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UBI Banca priced a Eu500m five year Italian covered bond on the back of a Eu600m order book on Thursday, with market conditions proving less favourable than when UniCredit sold a Eu1bn seven year benchmark earlier in the week.
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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