The level of euro liquidity due to bank borrowing from the European Central Bank (ECB) has not been making headlines since the two three year longer term refinancing operations (LTROs) last December (Eu489.5bn) and February (Eu529.5bn).
Senior unsecured will be the cornerstone of bank funding in 2013, forecasts Vincent Hoarau, Head of FIs, Covered Bond & ABS Syndicate at Crédit Agricole CIB, with covered bond supply being partially led by the periphery and Nordic covered bonds being in a strong position.
Florian Eichert, Senior Covered Bond Analyst at Crédit Agricole CIB, examines the Norwegian FSA’s reasons for applying the brakes to covered bond issuance and considers how Norwegian issuers might react.
Mats Anderson, Cheuvreux bank equity analyst, gives a first take on third quarter results announced by some of the largest Nordic banks this week.
Florian Eichert, Senior Covered Bond Analyst at Crédit Agricole CIB, explores how Nordic investors’ growing readiness to look at peripheral credits could be frustrated by delays in reopening credit lines, while supply from local credits is held back by regulatory noises.
Alex Sönnerberg, Nordic DCM Origination, Crédit Agricole CIB, looks at how the rest of the year might play out for Swedish covered bond issuers in euros in light of factors such as basis swap moves and funding needs.
Crédit Agricole CIB Senior Covered Bond Analyst Florian Eichert looks at the possible outcomes for Aktia Real Estate Mortgage Bank covered bondholders in light of the Finnish issuer’s plans to issue through Aktia Bank and a possible liability management exercise.
Vincent Hoarau, head of financial institutions, covered bond and ABS syndicate at Crédit Agricole CIB, takes a look at Danish Junior Covered Bond issuance.
Alex Sönnerberg, Nordic DCM Origination at Crédit Agricole CIB, explores trends in the performance of Nordic financial institutions’ issuance this year and makes predictions for a post-OMT market.
Danske Bank is set to price a new US dollar-denominated 25 year non-call five Tier 2 issue today (Thursday), with a coupon said to be in the 7.125% area after the deal was heavily oversubscribed.