News & Analysis: All

News: Issuance: Lessons From Outside North America

Perspectives on CIBC's Australian Dollar Covered Bond

Canadian CB issue meets success while Australian banks still "scrambling"

10/16/2010

Mick YoungThe Australian dollar covered bond issued by the Canadian Imperial Bank of Commerce (CIBC) this month was oversubscribed by about A$250 million (US $247.6 million). Approximately 75 percent of the bonds were sold to onshore Australian investors — predominantly banks — with the remainder largely taken up by Europeans.

This is the first Australian dollar denominated covered bond issued in more than three years.

Read More
News: Regulatory Legislative and Legal

Moody's: FDIC Legislation Stance Disadvantages US Covered Bonds

". . . prepayment risk that traditional covered bond investors do not want"

09/21/2010

In an update on the FDIC's stance regarding potential U.S. covered bond legislation, Moody's Investors Service expressed a view that if the FDIC prevails, such legislation "would not put U.S. covered bonds on a level playing field with their European counterparts."

Read More
News: Regulatory Legislative and Legal

Senate Hearing Highlights Disputes Over Covered Bond Legislation

Points of disagreement include repudiation power urged by FDIC

09/15/2010

A hearing on covered bonds held by the U.S. Senate Committee on Banking, Housing & Urban Affairs (Sept. 15) highlighted some significant points of dispute between government officials and the financial industry.

Read More
News: Regulatory Legislative and Legal

SIFMA Again Stresses Support for Covered Bond Legislation

Summarizes testimony of Scott Stengel (Steering Committee)

09/15/2010

The following was released by SIFMA (Sept. 15):

Read More
News: Regulatory Legislative and Legal

Garrett Testifies at Senate Hearing on Covered Bonds Legislation

"a purely private means of finance without government guarantees or subsidies"

09/15/2010

The following was released (Sept. 15) by the Congressional office of U.S. Rep. Scott Garrett:

Read More
News: Issuance

Barclay's Issues U.S. Dollar Covered Bond - $1 Billion

Follows in footsteps of Canadian banks, LBBW and CFF

09/15/2010

Following in the footsteps of several Canadian banks plus Germany's LBBW and France's Compagnie de Financement Foncier (CFF), Barclay's Bank Plc launched a U.S. dollar-denominated covered bond (Sept. 14) in the amount of $1 billion.

The five-year bonds were priced at 90 basis points over mid-swaps — 109.5 basis points over comparable U.S. Treasuries — for a yield of 2.525%.

Read More
News: Lessons From Outside North America: Ratings News

Global Covered Bond News Roundup - Week Ending August 13

A slow-paced summer week

08/16/2010

Frankly, news was light in the covered bond world during the second week of August, at summer's height.

Most items of covered bond news compiled below have not received longer treatment as individual articles in this publication, often because they relate to geographic areas outside our focus, North America. But we also include links to some articles that we have published separately during the past week — all organized by country.

Read More
News: Lessons From Outside North America: Ratings News: Regulatory Legislative and Legal

Global Covered Bond News Roundup - Week Ending August 6

A tap by Eurohypo . . . a planned auction in Denmark . . . and more

08/07/2010

A Cypress bank issues covered bonds for collateral . . . A professor writes about U.S. covered bonds in the 19th century . . . Eurhypo taps €250 million . . . Caja Madrid to continue repurchases . . . and more

Read More
News: Ratings News: Regulatory Legislative and Legal

Moody's: Covered Bond Bill (H.R. 5823) Positive - But Shortcomings

Negatives include an amendment fragmenting regulatory oversight

08/03/2010

The latest version of U.S. covered bond legislation (H.R. 5823) — which recently won a favorable vote from the House Financial Services Committee (HFSC) — offers both pluses and minuses, according to a comment published by Moody's Investor's Service (August 2).

Read More
News: Issuance: Lessons From Outside North America: Ratings News: Regulatory Legislative and Legal

Global Covered Bond News Roundup - Week Ending July 30

A special update on the prospects for covered bonds in Australia . . . and more

08/01/2010

An Australian lawyer reports on efforts to gain approval for covered bond issuance there . . . a U.S. dollar tap in Canada and a Euro CB tap in France . . . plans for more covered bonds in Korea . . . a step forward for CB legislation in the U.S. . . . and more

Read More