OBOS hovedkontorlogoOBOS-logo vårblomsterHammersborg torg 1 OBOS set for Q3 krone covered bond debut after loan growth

Norway’s OBOS-banken is set to issue a debut Norwegian krone covered bond through a new wholly-owned covered bond issuer in the third quarter, having on Wednesday received a provisional covered bond rating from Moody’s, as it negotiates a split from issuer Eika Boligkreditt.

From Crédit Agricole CIB

Eu175bn of benchmarks to return covered to net growth in 2016

As always around this time of year, the focus of investors and issuers – as well as analysts – starts to shift towards their expectations for the coming year, writes Florian Eichert, head of covered bond and SSA research at Crédit Agricole CIB.

How much repricing do we need in covered bonds?

In this article Florian Eichert, senior covered bond analyst at Crédit Agricole CIB, tries to assess at what point we will have a more normal covered bond market again that does not just rely on what the Eurosystem does or does not do.

Exiting CBPP3: Who could suffer most if it stops in 2016?

We know we are not even half way through the CBPP3, so talking about the impact an exit in September next year might have could seem a little premature, to say the least, write Crédit Agricole CIB covered bond and SSA analysts Florian Eichert and Stephan Dorner.

Negative yields, tight spreads push investor sentiment to new lows

In the latest edition of their Covered bond Sentiment Index (CSI), Crédit Agricole CIB analysts Florian Eichert and Stephan Dorner found investor sentiment at an all-time low – although the issuer index is close to an all-time high.

Denmark

Nykredit image Moody’s, S&P attest to Nykredit SRN benefits after second issue

New Nykredit Realkredit “senior resolution notes” (SRNs) are positive for holders of its covered bonds, Moody’s said yesterday (Thursday), after S&P revised its outlook on the issuer from negative to stable and the Danish issuer reopened the euro senior market with its second such deal.


Sweden

DBRS new app Risks highlighted in DBRS’s first Swedish analysis ‘not uncommon’

DBRS published a first Legal & Structuring Framework (LSF) assessment of Swedish covered bonds yesterday (Thursday), highlighting some shortfalls but noting these are “not uncommon” and have mitigating factors, while also citing covered bonds’ connectedness to the economy as a strength.


Finland

Finanssivalvonta Finland web New LTV caps positive for Finnish covered bonds, says Moody’s

New caps on LTV ratios that took effect in Finland last week are credit positive for Finnish covered bonds, according to Moody’s, reducing credit risk at the whole-loan level and adding to protections in the Finnish covered bond framework.


Industry Moves

Jesper Berg ECBC plenary Copenhagen 2016 ECBC to tackle RWA floors, Realkreditrådet calls for ‘disconnect’ from Basel

The European Covered Bond Council will in the coming months focus on addressing the impact of risk-weight floors for mortgages being proposed by the Basel Committee, which representatives of the Danish FSA and issuers questioned at an ECBC plenary yesterday (Thursday).


Ratings

Norway oil web Norwegian covered bonds resilient to oil exposures, says Moody’s

Norwegian covered bonds exposed to oil price-sensitive markets will be able to withstand the effects of persistent low prices thanks to sufficient levels of surplus OC, according to Moody’s, with the rating agency also noting that the relevant programmes should prove resilient to a consequent weakening of the Norwegian economy.


Market

BRF300 BRF covered benefits from bounce after slower Stadshypotek start

BRFkredit sold a EUR750m seven year covered bond on Wednesday that bankers said was the most solid deal of the week, benefitting from a bounce in sentiment, after Stadshypotek sold a EUR1bn six year issue on Monday that was only just oversubscribed amid weaker conditions.


Norway

OBOS hovedkontorlogoOBOS-logo vårblomsterHammersborg torg 1 OBOS set for Q3 krone covered bond debut after loan growth

Norway’s OBOS-banken is set to issue a debut Norwegian krone covered bond through a new wholly-owned covered bond issuer in the third quarter, having on Wednesday received a provisional covered bond rating from Moody’s, as it negotiates a split from issuer Eika Boligkreditt.