Posts Tagged ‘ ARMs ’

Danes set to discuss extension legislation after softening

Dec 12th, 2013

The Danish parliament will tomorrow (Friday) discuss government legislation on conditional forced maturity extensions in mortgage bonds for the first time, with the final draft softer than the initial proposal in a bid to address investor concerns.

Nordea gets record lowest yield as auctions close

Dec 5th, 2013
Thomas Toft Brock-Jacobsen, head of Rating & IR, BRFkredit

BRFkredit, Nordea Kredit and Realkredit Danmark finished the latest round of sales to refinance ARM bonds last Friday (29 November), with analysts noting that spreads were the lowest since before the crisis and that Nordea achieved the lowest absolute yield ever at an auction.

Fitch sees merits and questions in Danish plan

Nov 28th, 2013

A Danish government plan under which bonds refinancing Danish ARMs would automatically extend in certain stressed scenarios would greatly reduce associated refinancing risks, according to Fitch, but the rating agency on Wednesday also said that there are questions regarding details of its implementation.

DLR, Nykredit struck by ‘serious’ bidding across ARMs auctions

Nov 28th, 2013
DLR image

DLR Kredit and Nykredit Realkredit wrapped up November auctions for the refinancing of their ARM bonds yesterday (Wednesday), with officials at both institutions highlighting the high quality of bidding.

ARMs hit record lows on fall in supply, extension plan

Nov 21st, 2013

Bonds to refinance ARMs have been sold at record low yields and spreads since the latest Danish auction season began on Monday, with this being attributed to lower supply and planned changes to ARMs — even though these were postponed by three months.

Danish government in forced extension ‘game changer’

Nov 7th, 2013
Christiansborg Castle, seat of the Danish government

The Danish government yesterday (Wednesday) moved decisively to address concerns about refinancing risks in its mortgage system by announcing that from 1 January many covered bonds, including those related to ARMs, will face forced extension in certain stressed scenarios.

Danes tackle ARMs concerns via callable revival, new Cita loans

Oct 31st, 2013
Klaus Kristiansen, RD

Danish lenders are responding to regulatory and rating agency pressures to reduce the share of adjustable rate mortgages (ARMs) with the launch of Cita-based loans and a revival of fixed rate callables, with Moody’s highlighting Nordea Kredit’s success in the latter as credit positive.

DLR Kredit next up with ‘no hiccups’ so far for ARM auctions

Aug 29th, 2013

Nordea Kredit and Nykredit Realkredit wrapped up adjustable rate mortgage (ARM) bond auctions today (Thursday) and BRFkredit is set to finish its sales tomorrow, with an official at BRFkredit saying that “no hiccups whatsoever” have affected the autumn auctions so far.

Nykredit finds strong demand in opening ARMs offering

Aug 15th, 2013

Nykredit Realkredit kicked off autumn refinancing auctions in Denmark today (Thursday), with “extraordinarily high” interest coming in for its offering of one year ARM bonds, according to an official at the issuer, although an analyst said the outcome was not surprising.

One year still the Danish focus but RD preps Cita alternative

Aug 8th, 2013

Nykredit will launch its August refinancing auctions next Thursday, with one year ARM bonds dominating after a smaller than expected take-up of longer interest reset periods. Meanwhile, Realkredit Danmark is launching a Cita product aimed at addressing concerns about refinancing risk.