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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
Topics Asset Allocation
IGM FX and Rates
08 Aug 2018
The Turkish economy and banking sector has become increasingly vulnerable to persistent Lira weakness.
IGM FX and Rates
By Marcus Dewsnap 09 Apr 2018
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