DZ Bank
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Norddeutsche Landesbank (NordLB) and Deutsche Genossenschafts-Hypothekenbank (DG Hyp) issued tightly priced German Pfandbriefe that benefitted from a rise in yields this week.
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Crédit Agricole issed a rare €500m 10 year public sector Obligations Foncières this week that was priced at the tightest spread for a French covered bond in more than a year and was the most highly subscribed in more than 18 months.
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The recent rise in yields has provided covered bond borrowers from the most expensive jurisdictions like Germany an opportunity to diversify away from the overpopulated 10 year. DG Hyp was the latest issuer to take advantage of this development with its €500m long eight year which was issued on Tuesday.
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NordLB issued a €750m public sector covered bond on Monday which, like the previous German 10 year from Commerzbank, was only just subscribed. The tight initial spread discouraged order inflation and stimulated high quality orders, allowing the borrower to issue more than was initially planned. -
Crédit Agricole's rare €500m 10 year public sector Obligations Foncieres was priced at the tightest spread for a French covered bond in more than a year and it was the most highly subscribed in more than 18 months.
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Hypo Oberösterreich’s first transaction issued from its newly set up covered bond programme was exceptionally well received, despite its small size and lower than average rating.
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The Austrian lender’s first transaction issued off its newly set up covered bond programme was exceptionally well received, despite its small size and lower than average rating.
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Crédit Agricole has mandated leads for a rare public sector-backed €500m 10 year Obligations Foncieres.
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The European Stability Mechanism (ESM) and the Société de Financement Local (SFIL) sold benchmark debt to an increasingly welcoming market for euro-denominated paper on Tuesday.
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Oberösterreichische Landesbank (OÖ LB) has mandated joint leads for a sub-benchmark sized euro covered bond with an intermediate to long maturity.
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RLB Oberösterreich issued its first covered bond benchmark this week attracting the widest ever audience for any Austrian covered bond issuer, burying lingering concerns over long term fallout from Heta.
