Posts Tagged ‘ auctions ’

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

May 29th, 2014
NykreditNew

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.



Fitch: Danish bill tackles consequences, but not causes

Mar 27th, 2014
Christiansborg Castle, seat of the Danish government

A Danish bill on conditional mortgage bond maturity extensions will help reduce liquidity risk, but does not on its own reduce refinancing risk in the country’s mortgage system, said Fitch, urging the industry to continue its efforts to tackle this risk by other means.



Nykredit reels in spread for Skr5.5bn, ARMs softer

Feb 20th, 2014
LarsMossingMadsen_colour_200

Nykredit Realkredit sold its tightest syndicated Swedish krona covered bond today (Thursday), a Skr5.5bn (Eu614m, Dkr4.58bn) one year issue, after on Monday kicking off the latest round of auctions for refinancing of ARM bonds.



MPs send Barnier latest salvo as Danish detail ARMs plans

Jan 23rd, 2014
Karin Gaardsted, MP

Danish mortgage banks have begun announcing their plans for the forthcoming auction season of more than Dkr200bn (Eu26.8bn) of ARMs bond sales, while Danish MPs launched the latest salvo in the ongoing battle for covered bonds to be included as Level 1 assets in LCRs.



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.



ARMs hit record lows on fall in supply, extension plan

Nov 21st, 2013
NykreditNew

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.



Nykredit to start auctions end-Feb, Realkredit Danmark rejigs fives

Jan 31st, 2013

Nykredit Realkredit will kick off Denmark’s next round of ARM refinancing auctions on 25 February, with Nordea Kredit following suit a day later and Realkredit Danmark starting its auctions on 4 March, according to preliminary information recently announced by the banks.



DLR, Nykredit get record lows in Danish auction season finale

Dec 14th, 2012
Nykredit

DLR Kredit wrapped up the 2012 year-end refinancing auction season for Denmark’s mortgage banks on Monday after Nykredit finished its sales last Thursday, with the issuers reporting that the auctions resulted in record low rates for borrowers.



DLR Kredit takes up §33e senior secured in Dkr4bn debut

Nov 29th, 2012

DLR Kredit on Wednesday for the first time issued senior secured debt pursuant to Section 33e of Danish covered bond legislation, selling Dkr4bn (Eu536m) of what are also known as Junior Covered Bonds.