Countries
Jul 8th, 2016
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.
Posted in Finland
Tags: covered bonds, FIN-FSA, Finanssivalvonta Finansinspektionen, Finland, Finnish, LTVs, Moody's
Jul 8th, 2016
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.
Posted in Sweden
Tags: covered bonds, DBRS, Sweden, Swedish
Jul 1st, 2016
Nykredit launched what has been touted as the first Tier 3 instrument in the new bail-in era on 6 June, a Eu500m three year “senior resolution note” that sits between its senior unsecured debt and junior loss-absorbing debt and whose reception was said to augur well for similar forthcoming issuance.
Posted in Denmark
Tags: Danish, Denmark, HoldCo, Nykredit Realkredit, senior resolution note, SRN, Tier 3
Jun 4th, 2016
Bonum Bank issued its first public deal this week, a €100m three year FRN that will provide the basis for the future wholesale funding plans of the Finnish POP Bank Group, according to the issuer’s head of treasury, who said Bonum may target €250m issues in future.
Posted in Finland
Tags: Bonum Bank, Finland, Finnish, POP Banks, POP Pankki, senior unsecured
Jun 4th, 2016
SR-Boligkredit sold a €750m (NOK6.97bn) long five year issue on Wednesday that bankers, citing a slim new issue premium, described as its best deal to date after a lacklustre result in January, with the new issue having been boosted by a comprehensive roadshow.
Posted in Norway
Tags: covered bonds, euros, Norway, Norwegian, SpareBank 1 SR Bank, SR-Boligkreditt
Jun 4th, 2016
Nykredit sold its first benchmark, syndicated Swedish krona covered bond with a three year maturity on Tuesday, having previously issued shorter dated paper in the Swedish market, and attracted some SEK20bn of orders for a SEK5bn FRN.
Posted in Denmark
Tags: covered bonds, Danish, Denmark, FRN, Nykredit Realkredit, Sweden, Swedish, Swedish kronor
May 27th, 2016
Nykredit is planning to cut ARMs auctions from four times to twice a year as part of an initiative aimed at offering fewer but larger lines of covered bonds to meet LCR Level 1B criteria that have affected pricing in the Danish market, where the latest auction season ended solidly.
Posted in Denmark
Tags: ARMs, BRFkredit, Danish, Denmark, DLR Kredit, Nordea Kredit, Nykredit Realkredit, Realkredit Danmark
May 13th, 2016
Danish mortgage credit institutions have announced their plans for refinancing auctions to be held later this month, with Nykredit kicking off sales on 23 May, and floating rate bonds are in focus amid a trend away from one year ARMs.
Posted in Denmark
Tags: ARMs, auctions, Danish, Denmark, Nykredit Realkredit, Realkredit Danmark
May 13th, 2016
Länsförsäkringar Bank sold a SEK1bn (€108m) dual tranche five year senior unsecured bond on Wednesday, sensing an opportunity to tap into strong demand in an undersupplied market, according to the issuer’s head of long term funding, and is considering a debut public euro issue.
Posted in Sweden
Tags: krona, kronor, Länsförsäkringar Bank, LF Bank, senior, Sweden, Swedish
May 6th, 2016
The Mortgage Society of Finland sold a debut, €250m five year covered bond on Monday, with demand of €850m surpassing expectations after the book built rapidly, according to the issuer’s head of funding. Fellow Finnish issuer OP sold a “blowout” €1.25bn seven year issue on Tuesday.
Posted in Finland
Tags: Finland, Finnish, Hypo, OP Mortgage Bank, OP-Pohjola, Suomen Hypoteekkiyhdistys, The Mortgage Society of Finland