Public sector Pfandbrief first takes Haspa to new heights
Hamburger Sparkasse sold a debut public sector Pfandbrief benchmark on Wednesday, a €500m long six year that drew its biggest ever book, adding a third instrument to the savings bank’s capital markets arsenal as its activity grows, according to Felix Zillmann in Haspa’s funding and IR team.
Size matters as Sparebanken Norge plants debut €1bn flag
Sparebanken Norge sold its first euro benchmark covered bond on Wednesday, a €1bn five year that marked a step-up from predecessors Vest’s and Sør’s issuance and encountered commensurate greater investor interest, according to head of treasury John Hopp.
CIBC gives gallic shrug as €1.25bn 5.5s prove tempting
A five-and-a-half year covered bond for CIBC stayed the course in the face of renewed French political turmoil and rates volatility yesterday (Monday), as the Canadian bank raised €1.25bn (C$2bn) at a minimal new issue premium on the back of a peak €2.4bn of demand.
Wales’ Principality prepares for covered bond issuance
Principality Building Society is planning to join its larger peers and enter the covered bond market with the establishment of a new €5bn (£4.37bn) programme this year, as it exits the TFSME and following prior residential mortgage-backed securities issuance.
DZ Hyp 5s last, but not least as industry heads to Seville?
A €1bn five year green Pfandbrief from DZ Hyp successfully rounded off a compact week of euro benchmark issuance yesterday, with the ECB meeting today and industry events in Seville next week seen supressing supply before a potential rebound the following week.
Achmea €500m sevens avoid French political interference
Achmea Bank had the euro benchmark covered bond market to itself today (Monday), with a €500m no-grow seven year issue encountering negligible impact from the imminent French no confidence vote and attracting a peak €1.4bn-plus of orders and paying a minimal new issue premium.
CIBC taps sterling covered, as HMT overseas plan reassures
CIBC tapped a sterling covered bond for £200m today, after UK authorities’ proposals to introduce an Overseas Prudential Requirements Regime boosted confidence with a move that market participants said should in the longer term provide a constructive basis for equivalence.
Pfandbrief issuers bask in demand, but forecast mixed
The vdp Issuance Climate survey recorded a positive overall score for the first time last month, with the Pfandbrief component also achieving its highest ever score in its sixth biannual iteration, although the prospects for the next six months are mixed.
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Latest benchmarks and subs
| BSK 1818 | |||
| EUR300m | 2.625% | 2032 | +31bp |
| BayernLB | |||
| USD650m | 3.797% | 2029 | +52bp |
| Haspa | |||
| EUR500m | 2.625% | 2032 | +29bp |
| DZ Hyp | |||
| EUR500m | 2.750% | 2034 | +33bp |
| Nationwide | |||
| GBP500m | 4.125% | 2030 | +50bp |
| Click issuer for more | |||
Categories
CBPP3»
5/05/23 •
Covered bonds seen well set for July end to CBPP3 era2/28/23 •
BHH shows life after CBPP3, HSBC Canada joins in fives2/21/23 •
NN, Sabadell successfully hit last CBPP3 primary orders
Dollars»
12/06/23 •
Dollars offer pbb unexpected cheer amid tricky conditions5/19/23 •
Westpac $1.75bn fives open 2023 dollar covered strongly12/09/22 •
RBC, BMO back for Canadian last hurrah in dollars, sterling
