From Crédit Agricole CIB

Eu175bn of benchmarks to return covered to net growth in 2016

Nov 20th, 2015

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?

Jun 18th, 2015

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?

May 29th, 2015

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

Apr 24th, 2015

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.

Negative yields and covered bonds: is the minus a problem?

Mar 13th, 2015

With an increasing share of the covered bond market trading at negative yields, Crédit Agricole CIB analysts Florian Eichert and Stephan Dorner explore the impact on issuers and investors.

CSI: Investor sentiment off December lows Issuer index at an all-time high

Feb 20th, 2015

After a fairly ugly December edition of our Covered Bond Sentiment Index (CSI), the first index reading of 2015 (the 25th overall!) looks a little bit better.

Moody’s anchor move and sovereign ceilings: positive across the board

Jan 23rd, 2015

Moody’s has kicked off the new year with yet another significant change to its covered bond methodology, as the rating agency intends to change its anchor point for the second time in less than 12 months to incorporate the Bank Recovery & Resolution Directive (BRRD).

Norwegian covered bonds and oil prices: cause for concern?

Jan 16th, 2015

Lately some investors have become a little concerned about Canadian and Norwegian covered bonds on the back of the major oil price drop of the last few months, write Crédit Agricole CIB covered bond analysts Florian Eichert and Stephan Dorner. 

Covered bonds in 2015: Victims of their own success?

Dec 19th, 2014

Throughout the sovereign crisis, covered bonds were a remarkably stable asset class that at the same time offered a wide range of investors an attractive investment case, write Crédit Agricole CIB covered bond analysts in their outlook for 2015.

LCR Delegated Act: What do the final rules look like?

Oct 17th, 2014

The LCR Delegated Act from the European Commission is finally out. No, really, it is! Seriously, we are talking about the real thing, not just another leaked document but the final version, the one that will be relevant in the real world and not only talked about in Brussels and a number of European capitals.