Mortgage diamond clamps down on ARMs, IOs

Sep 19th, 2014
Finanstilsynet Danish FSA sign edit

The Danish FSA (Finanstilsynet) set out proposals for a “Supervisory Diamond” for Denmark’s mortgage credit institutions on Thursday of last week (11 September) that aims to reinforce the Danish industry’s systemic stability, including moves away from one year ARMs and interest-only (IO) loans.

Danske finds strong demand for inaugural £500m covered bond

Sep 12th, 2014

Danske Bank sold its first sterling covered bond on Monday, a £500m (Dkr4.64bn, Eu624m) three year floating rate note that attracted £800m of demand despite coming at the same time as a £1.5bn Barclays Bank covered bond in the same format.

DLR gets ‘good level’, new BRF bonds accepted

Sep 4th, 2014
DLR image

DLR Kredit is close to bringing to an end the latest round of refinancing auctions by Denmark’s mortgage credit institutions (MCIs), having today (Thursday) finished its auctions of one year ARM bonds, while BRFkredit has said it is pleased with the response to its new, pre-financed bonds.

Nordea, BRFkredit join Nykredit as ARMs sales sustain strength

Aug 28th, 2014

Nordea Kredit wrapped up three days of refinancing auctions of adjustable rate mortgage (ARM) bonds today (Thursday), while BRFkredit and Nykredit have one day left, with “extreme” spread stability to slight tightening and curve flattening flagged as notable aspects of the sales.

Moody’s ups Danish outlook, final LCR awaited

Aug 28th, 2014
Moodys logo

Moody’s changed its outlook on the Danish banking system from negative to stable yesterday (Wednesday) because of a continuing stabilisation of the operating environment and reduced risks for Danish financial institutions, with covered bond developments seen as key.

Danske picks FRN for Swedish return, LF sells Swiss covered

Aug 21st, 2014

Danske Bank sold a Skr5bn (Eu546m, Dkr4.08bn) April 2018 floating rate covered bond backed by Swedish and Norwegian residential and commercial mortgages yesterday (Wednesday), which was the Danish bank’s first covered bond issue in Swedish kronor in more than two years.

ARM auctions to reflect Danes moving away from one years

Aug 14th, 2014

Nykredit Realkredit will kick off Danish mortgage credit institutions’ October refinancing auctions on Monday, for which BRFkredit and DLR Kredit today (Thursday) announced expected supply figures, with analysts noting a shift away from one year ARM bonds.

Jyske welcomed back in rare public euro visit, merger benefits seen

Jun 12th, 2014

Jyske Bank priced a well-received Eu500m (Dkr3.73bn) three year senior unsecured FRN in a rare visit to the euro benchmark market yesterday (Wednesday), with the deal also its first public euro issue since the Danish bank’s merger with BRFkredit in April.

Danske Bank gets ‘remarkable outcome’ in euro covered return

Jun 5th, 2014

Danske Bank priced its first euro covered bond in over a year on Tuesday, a Eu1bn seven year deal whose pricing illustrates the outperformance of Danish issues in the Nordic market, according to a lead syndicate banker.

Nykredit auction first under new refi law, impact ‘insignificant’

May 29th, 2014

Nykredit sold some Dkr13bn (Eu1.74bn) of one year ARM bonds this week in the first auctions of covered bonds that feature maturity extension triggers in accordance with new legislation, and market participants said the auctions, although small, show demand to be largely unaffected by the changes.