Financial Intelligence is part of the Informa Intelligence Division of Informa PLC
This is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.
Weekly round-up:
| Pxg Date | Issuer - Ticker (Type/Collateral) | Amt (EUR m) | Maturity | Initial guidance | Revised guidance | Reoffer | Spread compression (bp) | Book size (EUR m) | Cover Ratio | NIC (bp) | Trading* (bp) |
| 18-Sep | Caisse Francaise de Financement Local - CAFFIL (Obligations Foncieres) | 750 | 27-Sep-2027 (10yr) | m/s+3a | m/s+0 (+/-2, wpir) | m/s-2 | 5 | 1900 | 2.53 | -1 | -3 |
| 19-Sep | Banco Santander Totta - SANTAN (Obriga��es Hipotec�rias) | 1000 | 26-Sep-2027 (10yr) | m/s+high 50s | m/s+50a (+/-2, wpir) | m/s+48 | ~10 | 3250 | 3.25 | 1 | 38.5 |
| 19-Sep | pbb Deutsche Pfandbriefbank AG - PBBGR (Hypothekenpfandbrief) (+) | 100 | 9-Aug-2021 (3.91yr) | N/A | N/A | m/s-14 | 0 | N/A | N/A | 1 | -13.5 |
| 20-Sep | PKO Bank Hipoteczny - PKOBHB (Polish Residential Covered Bond) | 500 | 27-Aug-2024 (6.91yr) | m/s+35a | m/s+30a (+/-2, wpir) | m/s+28 | 0 | 1350 | 2.7 | 0 | 27.5 |
| 21-Sep | Stadtsparkasse Muenchen - SSPMUE (Hypothekenpfandbrief) | 250 | 28-Sep-2027 (10yr) | m/s-8 | N/A | m/s-9 | 0 | 250 | 1 | N/A | -7.5 |
| 22-Sep | Commerzbank
AG - CMZB (Hypothekenpfandbrief) (+) | 250 | 24-Aug-2027 (9.91yr) | N/A | N/A | m/s-13 | 0 | 1 | |||
| Totals: | 2850 | 6750 | |||||||||
| Averages: | 475 | 8.455 | 2.5 | 1687.5 | 2.37 | 0.4 |
* versus Friday morning's bid levels
This week's additions to the pipeline:
| Issuer | Currency | Bookrunners | Ratings | Type | Notes |
| Nationale-Nederlanden Bank N.V. | EUR | ABN Amro, BNP Paribas, LBBW and Rabobank | AAA by S&P | Dutch Conditional Pass Through Covered Bond | Meetings from Monday 25 September for an inaugural Conditional Pass-Through RegS Bearer EUR 500m (no-grow) covered bond with an intermediate maturity |
| ASB Finance Limited (London Branch) | EUR | Barclays and Commerzbank | Aaa/AAA by Moody's/Fitch | New Zealand Covered Bond | Meetings in Europe in the week commencing 2 October 2017 for a 5-7 year covered benchmark bond, guaranteed by ASB Bank Limited |
Year-to-date EUR Covered Bond volumes by jurisdiction:
Source: Informa Global Markets
Year-to-date EUR Covered Bond volumes by maturity:
Source: Informa Global Markets
Total EUR Covered Bond volume by week:
Source: Informa Global Markets
Year-to-date League Table (EUR-denominated covered bonds):
| Rank | Lead (Change from previous week) | Amount (EUR) | # of Deals | Share (%) |
| 1 | Commerzbank (unch) | 6.20bn | 44 | 6.71% |
| 2 | LBBW (unch) | 5.99bn | 34 | 6.48% |
| 3 | Credit Agricole CIB (unch) | 5.53bn | 31 | 5.99% |
| 4 | BNP Paribas (unch) | 5.45bn | 29 | 5.90% |
| 5 | Societe Generale (up from 6) | 5.39bn | 27 | 5.83% |
| 6 | UniCredit (down from 5) | 5.33bn | 42 | 5.77% |
| 7 | HSBC (unch) | 4.44bn | 25 | 4.80% |
| 8 | Natixis (unch) | 4.24bn | 27 | 4.59% |
| 9 | UBS (unch) | 3.33bn | 20 | 3.60% |
| 10 | Deutsche Bank (unch) | 3.21bn | 21 | 3.47% |
Source: Informa Global Markets
CBPP3 Data:
| CBPP3 Cumulative (EUR bn) | Reference date | No. days | Implied annual purchase rate | Implied monthly purchase rate | Implied daily purchase rate (latest week) (Eur bn) | CBPP3 Weekly |
| 203.731 | 06/01/2017 | 576 | 89.486 | 7.457 | 0.043 | 0.215 |
| 207.216 | 13/01/2017 | 581 | 90.233 | 7.519 | 0.697 | 3.485 |
| 207.456 | 20/01/2017 | 586 | 89.567 | 7.464 | 0.048 | 0.240 |
| 207.864 | 27/01/2017 | 591 | 88.984 | 7.415 | 0.082 | 0.408 |
| 209.664 | 03/02/2017 | 596 | 89.002 | 7.417 | 0.360 | 1.800 |
| 211.004 | 10/02/2017 | 601 | 88.825 | 7.402 | 0.268 | 1.340 |
| 211.282 | 17/02/2017 | 606 | 88.208 | 7.351 | 0.056 | 0.278 |
| 212.188 | 24/02/2017 | 611 | 87.862 | 7.322 | 0.181 | 0.906 |
| 213.137 | 03/03/2017 | 616 | 87.538 | 7.295 | 0.190 | 0.949 |
| 213.793 | 10/03/2017 | 621 | 87.101 | 7.258 | 0.131 | 0.656 |
| 214.672 | 17/03/2017 | 626 | 86.760 | 7.230 | 0.176 | 0.879 |
| 215.177 | 24/03/2017 | 631 | 86.275 | 7.190 | 0.101 | 0.505 |
| 214.446 | 31/03/2017 | 636 | 85.306 | 7.109 | -0.146 | -0.731 |
| 214.73 | 07/04/2017 | 641 | 84.753 | 7.063 | 0.057 | 0.284 |
| 215.517 | 14/04/2017 | 646 | 84.405 | 7.034 | 0.157 | 0.787 |
| 216.114 | 21/04/2017 | 651 | 83.989 | 6.999 | 0.119 | 0.597 |
| 216.374 | 28/04/2017 | 656 | 83.449 | 6.954 | 0.052 | 0.260 |
| 217.439 | 05/05/2017 | 661 | 83.226 | 6.935 | 0.213 | 1.065 |
| 218.6 | 12/05/2017 | 666 | 83.042 | 6.920 | 0.232 | 1.161 |
| 219.221 | 19/05/2017 | 671 | 82.657 | 6.888 | 0.124 | 0.621 |
| 219.349 | 26/05/2017 | 676 | 82.094 | 6.841 | 0.026 | 0.128 |
| 220.466 | 02/06/2017 | 681 | 81.906 | 6.825 | 0.223 | 1.117 |
| 221.672 | 09/06/2017 | 686 | 81.754 | 6.813 | 0.241 | 1.206 |
| 222.768 | 16/06/2017 | 691 | 81.563 | 6.797 | 0.219 | 1.096 |
| 222.837 | 23/06/2017 | 696 | 81.003 | 6.750 | 0.014 | 0.069 |
| 222.630 | 30/06/2017 | 701 | 80.350 | 6.696 | -0.014 | -0.207 |
| 223.046 | 07/07/2017 | 706 | 79.930 | 6.661 | 0.083 | 0.416 |
| 223.870 | 14/07/2017 | 711 | 79.661 | 6.638 | 0.165 | 0.824 |
| 224.632 | 21/07/2017 | 716 | 79.374 | 6.615 | 0.152 | 0.762 |
| 225.040 | 28/07/2017 | 721 | 78.967 | 6.581 | 0.082 | 0.408 |
| 225.580 | 04/08/2017 | 726 | 78.611 | 6.551 | 0.108 | 0.540 |
| 226.142 | 11/08/2017 | 731 | 78.268 | 6.522 | 0.112 | 0.562 |
| 226.570 | 18/08/2017 | 736 | 77.883 | 6.490 | 0.086 | 0.428 |
| 227.711 | 25/08/2017 | 741 | 77.747 | 6.479 | 0.228 | 1.141 |
| 228.023 | 01/09/2017 | 746 | 77.332 | 6.444 | 0.062 | 0.312 |
| 228.952 | 08/09/2017 | 751 | 77.130 | 6.428 | 0.186 | 0.929 |
| 229.979 | 15/09/2017 | 756 | 76.964 | 6.414 | 0.205 | 1.027 |
Source: ECB & Informa Global Markets
Selective recent Covered deals (launch, current bid spread)
| ISSUER | COUPON, MATURITY | REOFFER SPREAD | CURRENT SPREAD | RATINGS |
| PKOBHB | 0.75% 09/27 | MS +28 | MS+27.5 (-1) | Aa3 |
| SANTAN | 1.25% 09/27 | MS +48 | MS +38.5 (-0.5) | A1/--/A |
| CAFFIL | 0.75% 09/27 | MS -2 | MS -3 (unch) | Aaa/--/AAA |
| CMCICB | 0.75% 09/27 | MS 0 | MS -3.5 (unch) | Aaa/AAA/AAA |
| RFLBNI | 0.375% 09/24 | MS -3 | MS -3 (unch) | Aaa |
| BANDES | 0.875% 09/24 | MS +57 | MS +34 (-1.5) | --/--/AA- |
| CFF | 0.375% 12/24 | MS -2 | MS -6 (-0.5) | Aaa/AAA |
| PBBGR | 0.05% 09/22 | MS -10 | MS -11 (unch) | Aa1 |
| BRF | 0.375% 07/24 | MS +2 | MS -1.5 (-0.5) | --/AAA/-- |
| WLBANK | 0.625% 08/27 | MS -12 | MS -14 (+0.5) | --/AAA/-- |
| CMZB | 0.625% 08/27 | MS -11 | MS -12.5 (-unch) | Aaa |
| MUNHYP | 0.625% 10/26 | MS -13 | MS -14 (-0.5) | Aaa |
| HSHN | 0.1% 07/20 | MS +10 | MS +6 (-0.5) | Aa2 |
| ACASCF | 0.875% 08/27 | MS +3 | MS -2.5 (unch) | Aaa/AAA/-- |
| BQDAU | 0.5% 07/22 | MS +25 | MS +13 (unch) | Aaa/--/AAA |
| LEED | 0.5% 07/24 | MS +17 | MS +11.5 (-1) | Aaa/--/AAA |
| BZLNZ | 0.5% 07/24 | MS +15 | MS +11.5 (-0.5) | Aaa/--/AAA |
| NWIDE | 1.375% 06/32 | MS +30 | MS +16.5 (unch) | Aaa/AAA/AAA |
| HVB | 0.125% 10/23 | MS -10 | MS -11 (unch) | Aaa/--/AAA |
| AEGON | 0.75% 06/27 | MS +12 | MS +9.5 (-0.5) | AAA/AAA |
| ACACB | 0.375% 09/24 | MS -5 | MS -7.5 (-0.5) | Aaa/AAA/AAA |
| SPABOL | 0.375% 06/24 | MS 0 | MS -3.5 (-0.5) | Aaa/AAA |
| LBPSFH | 0.625% 06/27 | MS 0 | MS -3 (-1) | --/AAA/-- |
| DHY | 0.375% 06/25 | MS -10 | MS -9.5 (-0.5) | Aa1 |
| SEB | 0.25% 06/24 | MS -5 | MS -7 (unch) | Aaa |
| BHH | 0.125% 10/23 | MS -14 | MS -16.5 (unch) | Aaa |
eva.bobb@intinsider.com
IGM Credit, IGM FX and Rates
03 Aug 2020
Read more from The Context and subscribe to have it delivered to your inbox each week!
Topics Industry News
IGM Credit, IGM FX and Rates
By Tim Cheung 03 Aug 2020
Xinhua News Agency reported the Politburo held a meeting on the economy on 30 July (Thursday). The CCP also held a meeting with non-CCP political parties and non-political representatives. President Xi chaired both meetings. Compared to the meeting held on 17 April, we note some changes in wording were made to the remarks on monetary and fiscal policies in the 30 July meeting. 30 July meeting (as per Xinhua News Agency): - "While requiring full implementation of macro policies, the meeting called for pursuing a more proactive and effective fiscal policy that delivers solid outcomes, and a more flexible and appropriate monetary policy that targets sound results, according to the meeting". 17 April Meeting (as per Xinhua News Agency): - "Monetary policies should be more flexible and balanced and instruments such as reserve requirement ratio cuts, interest rate reductions and reloans should be fully leveraged to ensure reasonable and sufficient liquidity and a lower interest rate in the loan market, the meeting said, stressing the need to channel capital into the real economy, especially medium-sized, small and micro enterprises".
Topics Industry News
IGM Credit, IGM FX and Rates
27 Jul 2020
Read more from The Context and subscribe to have it delivered to your inbox each week!
Topics Industry News
Flow and Allocation data provides a unique view on investor and fund manager sentiment through its mutual fund and ETF flows and positioning data across global markets, helping buy and sell-side institutions make informed decisions.
“For portfolio investors, [portfolio flows] data from… EPFR… have a powerful appeal. According to one strategist, 'it is almost a crutch – they want to know the data, just because this is their business.'” –Source: Flows have powerful appeal, even as picture of the past, Financial Times
Serving institutional clients worldwide, we provide premier data for competitive intelligence and money market fund analysis delivering fast, accurate information for more than 2,000 US and offshore money funds as well as for ultrashort bonds.
You need to constantly demonstrate your value in today’s competitive marketplace to show you are the investment professional of choice. Powerful web-based tools can help you make sound investment decisions and create compelling client presentations to deliver the advantage you need to build your business. That’s Zephyr—your smartest investment yet!
Looking for more products Product Finder
Sample data or analysis
Would you like to request sample data or analysis from Informa Financial Intelligence?
Request a live demo
