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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
IGM Credit, IGM FX and Rates
21 Jan 2021
Boston, MA – (January 21, 2021) – IGM, a subsidiary of Informa plc (LSE: INF), a leading provider of solutions for financial services professionals, has launched the IGM G10 FX Playbook, offering financial institutions actionable analysis and talking points for client and in-house currency market trading strategy.
Topics Industry News
IGM Credit, IGM FX and Rates
14 Dec 2020
Concerns over China corporate credit risk have come to the forefront since the beginning of Q4, highlighted by three high-grade issuers' defaults: 1. AAA-rated Huachen Auto Group (onshore), 2. AAA-rated Yongcheng Coal & Electricity Group (onshore), 3. AAA-rated Tsinghua Unigroup (offshore) Coincidentally, all of these three issuers are state-owned enterprises (SOEs) in nature. This, to a certain extent reflects central government's bias in favour of a return to policy normalisation and possibly a second round of financial deleveraging (following the first round in 2017). Chart 1 shows that China's total debt to GDP ratio may have reached as high as 290% by the end of this year, so there is a need for deleveraging regardless of the defaults YTD being smaller than those in the previous two years both in terms of the total number and the total size of events (chart 2). From the perspective of the policymakers, with various kind of economic activities having returned to their pre-COVID levels, a return of the focus to credit clean-up should be more beneficial to long-term economic development...
Topics Industry News
IGM Credit, IGM FX and Rates
07 Dec 2020
There is good chance China will be the only major economy in the world to generate positive GDP growth (around 2%) in 2020 due largely to its effective pandemic containment measures and consequently the faster recovery of the production and consumption. As far as the FX is concerned, RMB has been appreciating against USD since the beginning of June on the back of broad-based weakness of greenback (chart 1). Besides, RMB has also been appreciating against all EM Asia currencies (except KRW) since USD's multi-month downtrend kicked off in early-summer. We attribute the RMB's outperformance relative to the rest of EM Asia to growing hopes of a victory of Biden in the 2020 presidential election, who's obviously far less hostile to China and promised to remove the existing tariffs on China in case he becomes the next US president...
Topics Industry News
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