FIG in rude health after QE, Greece, with supply seen higher after results

Jan 30th, 2015
Alex Tsipras image

The euro senior unsecured and covered bond markets proved buoyant in the wake of the ECB’s announcement of sovereign QE and Greek elections, although blackouts constrained supply and questions remain over the prospect of Nordic banks accessing the market after results.

Primary market primed after ECB QE beats expectations

Jan 23rd, 2015
ECB Mario Draghi image

The sovereign QE programme unveiled by the European Central Bank yesterday (Thursday) afternoon is expected to stimulate new issuance next week after having surprised market participants with its size and further buoyed an already tightening market.

Covered supply explodes with ECB QE, Greek vote looming

Jan 16th, 2015
ECB new premises image

Fourteen new euro benchmarks since Monday made this one of the busiest ever weeks in covered bonds, while issuance in the senior unsecured market was similarly brisk, as financial institutions took advantage of buoyant market conditions to raise funding.

FIG momentum builds as high NIPs trump uncertainty

Jan 9th, 2015
Draghi and Samaras image

Financial institutions issuance picked up through the first week of the year, helped by issuers offering healthy new issue premiums, and activity is expected to remain high next week, especially with uncertainty seen increasing as January progresses.

OP disappoints amid pulled deals as investors resist levels

Nov 28th, 2014
Photo: Lauri Silvennoinen/Wikimedia Commons

The recent CBPP3-inspired momentum of the covered bond market appeared to have dried up over the past week, with demand for a Eu1bn 10 year OP Mortgage Bank benchmark last Friday (21 November) falling short of expectations amid other senior and covered bond issues being pulled.

‘Turmoil’ in Danish auctions as ARMs spreads widen sharply

Nov 21st, 2014
Realkredit Danmark image

Spreads on Danish one year ARM bonds widened by up to 10bp over the first three days of the latest refinancing auction season this week and bid-to-cover ratios hit lows, despite a sharp fall in supply, with market participants struggling to remember such turbulent conditions and understand the moves.

DNB in Eu1.25bn five year euro return after busy FRN, krone 2014

Oct 2nd, 2014
DNB image

DNB Boligkreditt priced a Eu1.25bn (Nkr10.2bn) five year covered bond at 3bp through mid-swaps on Monday, making for a favourable if modest return for the Norwegian issuer after an absence of 10 months, during which it has progressively tapped an FRN up to Eu850m and raised a record amount domestically.

Danske takes Nordics through swaps in CBPP context, pre-Vienna

Sep 19th, 2014

Danske Bank priced a Eu1bn (Dkr7.45bn) short five year covered bond at 2bp through mid-swaps on Wednesday, making it the first Nordic euro benchmark covered bond to have been priced through mid-swaps since the onset of the financial crisis.

Nykredit Realkredit in Eu500m euro senior unsecured FRN first

Sep 4th, 2014
Nykredit image

Nykredit Realkredit launched an inaugural senior unsecured Eu500m five year floating rate note on Tuesday, the first time the Danish financial group has issued a euro senior unsecured instrument out of its mortgage credit institution rather than Nykredit Bank.

FIG reopened at tight levels, but little autumn action seen

Aug 28th, 2014
Mario Draghi

UBS and National Australia Bank this week successfully reopened the euro financial institutions and covered bond markets, respectively, but overall the euro primary market was slow off the mark after the summer recess.