Berlin Hyp grabs attention in Blockchain Pfandbrief first
The first blockchain-based Pfandbrief successfully settled on Tuesday after Berlin Hyp’s €100m three year mortgage Pfandbrief created a buzz around the possibilities of crypto securities in the covered bond market, a development that promises greater efficiency once challenges are overcome.
The CBR website issues: apology and update
The Covered Bond Report has been experiencing critical website issues and we would like to apologise for the inconvenience.
Germans cautious on outlook but steady on issuance plans
German Pfandbrief issuers are cautious about the outlook for the second half of the year, according to the vdp’s latest Issuance Climate survey, despite first half market conditions having proven even more buoyant than expected, although overall supply is on track to reach almost €50bn in 2024.
The CBR 2024 Awards for Excellence: Our winners
We were delighted to honour the winners of The Covered Bond Report Awards for Excellence 2024 at our annual conference with ICMA and the vdp in Frankfurt yesterday (Thursday). Find out the 13 deals and institutions recognised this year.
DNB hits limits but Danske ‘D’ succeeds as Iccrea 10s attract
DNB issued the tightest seven year euro benchmark of 2024 today, but the barely covered €1bn trade suggested spread limits for low beta names are being reached, even if Danske succeeded with a seven year as part of a dual-trancher, while Iccrea scored a higher beta hit in 10s.
Issuer factors, not demand, limiting activity amid holidays
The first euro benchmark in two weeks, a €1.25bn long eight year for Crédit Agricole on Tuesday, proved that conditions remain strong, and deals are expected ahead of a European Central Bank meeting on Thursday, but supply is expected to remain lighter than in the first quarter.
NordLB covered upped to Aaa amid Moody’s Landesbank fillip
Moody’s upgraded the mortgage and public sector Pfandbriefe of NordLB to Aaa on Friday, as well as outstanding NordLB Luxembourg CBB issuance, as the German bank was upgraded amid a slew of positive Landesbank and other S-Finanzgruppe-related rating actions.
TD brings Canada back with a very big bang in €5.5bn print
Toronto-Dominion Bank printed the largest ever euro benchmark covered bond transaction today, a €5.5bn deal split into one floating and two fixed rate tranches, after building the biggest ever book, above €11bn at re-offer, while Crédit Agricole Italia extended out to 12 years.
Recent news
- DZ rises above CRE noise to print ‘very solid’ HyPf 10s
- TSB catches favourable wind in inaugural euro covered
- UBS storms euros with Swiss exposure too good to miss
- Novo Banco first a blow-out, CA shows sevens still strong
- Bawag-PSK in ‘solid’ sevens, but price sensitivity evident
- ‘Very domestic’ Haspa to test Pfandbriefe amid CRE travails
- Arkéa ups fives to €750m, Novo Banco marketing debut
Latest benchmarks
| DBS | |||
| EUR1.25bn | 2.602% | 2028 | +25bp |
| Moere Boligkreditt | |||
| EUR500m | 2.625% | 2029 | +34bp |
| UniCredit Czech & Slovakia | |||
| EUR500m | 2.875% | 2029 | +64bp |
| UBS | |||
| EUR1bn | 2.583% | 2027 | +26bp |
| United Overseas Bank | |||
| GBP750m | FRN | 2027 | +53bp |
| Click issuer for more | |||
Categories
CBPP3»
5/05/23 •
Covered bonds seen well set for July end to CBPP3 era2/28/23 •
BHH shows life after CBPP3, HSBC Canada joins in fives2/21/23 •
NN, Sabadell successfully hit last CBPP3 primary orders
Dollars»
12/06/23 •
Dollars offer pbb unexpected cheer amid tricky conditions5/19/23 •
Westpac $1.75bn fives open 2023 dollar covered strongly12/09/22 •
RBC, BMO back for Canadian last hurrah in dollars, sterling
