The EBA on 20 December published its final recommendations on the Liquidity Coverage Ratio (LCR), which exclude covered bonds from Level 1 status. Crédit Agricole CIB’s Florian Eichert takes a closer look at the potential implications, and sees investor behaviour only really changing in response to a lower minimum rating criterion.
The Nordic region is one of few exceptions this year in euro benchmark covered bonds in that overall net issuance is positive. Crédit Agricole CIB’s Florian Eichert looks ahead to assess what lies in store for Nordic supply in 2014.
Nordic covered bond markets have always been at the forefront when it comes to maturity structures. Florian Eichert, senior covered bond analyst at Crédit Agricole CIB, considers the case for conditional pass-through covered bonds in the Nordic region.
The ECBC has this week released 2012 covered bond market statistics. The numbers are the most comprehensive set of covered bond figures available as they include both public and private placements and retained bonds, and Florian Eichert, Crédit Agricole CIB senior covered bond analyst, looks at what they tells us about Nordic markets.
Updating its collateral framework is something the ECB does on a regular basis. The central bank adjusts the parameters to reflect current market conditions and sometimes also to achieve a certain policy objective.
“Squeeze-time” is probably the “it” word of the covered bond world so far in 2013. Issuance has remained subdued, with overall euro benchmark covered bond volumes having just moved above EUR50bn, while redemption volumes have been significantly higher, coming in at EUR85bn in the first five months of the year.
Aktia has roadshowed its new Aktia Bank plc covered bond programme and Crédit Agricole CIB senior covered bond analyst Florian Eichert explores the differences between this and previous Aktia Real Estate Mortgage Bank covered bonds.
After publishing a revised CRD IV package on 26 March, the European Parliament finally passed the CRD IV package that comprised the Capital Requirements Directive (CRD) together with the Capital Requirement Regulation (CRR) on 16 April.
Mats Anderson, Cheuvreux bank equity analyst, reviews the first round of Nordic Q1 results.
What the last few weeks have lacked in terms of issuance, they certainly made up for in terms of news flow, which probably led to elevated blood pressure and increased heart rate amongst many.