Financial Intelligence is part of the Business 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
Topics Asset Allocation
IGM FX and Rates
31 Jan 2017
Between the inevitabilities of death and taxes one would like to hope there’s room for a comfortable, perhaps a long, retirement. Alas, the data on that possibility is rather depressing for an awful lot of Americans.
IGM FX and Rates
08 Aug 2018
The Turkish economy and banking sector has become increasingly vulnerable to persistent Lira weakness.
Serving institutional clients worldwide, we provide premier data for competitive intelligence and analysis delivering fast, accurate information for more than 2,000 US and offshore money funds as well as for ultrashort bonds.
Financial markets move fast. It’s tough to stay ahead of the curve and find the information that will give you an edge. That’s where we come in, providing strategists, traders, researchers and investors with the most current global view of changing investor demand and manager positioning to help mitigate risk and increase return.
“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
You’ll be able to understand market trends, uncover opportunities and develop long-term growth strategies with access to confidential data from over 100 leading financial services providers – data that’s not available from anywhere else.
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
