Lessons From Outside North America

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.

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.

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

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

BBVA scores a solid (though wide) Spanish CB issue . . . CFF and CIF Euromortgage tap existing issues . . . hopes for Australian covered bonds in 2011 ... and more

Some items of covered bond news do not rate their own story in this publication — often because they relate to geographic areas outside our focus, North America.  Even so, readers who want to keep up with covered bond news in general might find them interesting.

While Bank of Nova Scotia's US $2.5 billion covered bond was making headlines on this side of the Atlantic, Europe's covered bond items were mostly limited to ratings news.

Trouble in Denmark (with Basel III) ... covered bond stalwarts Crédit Agricole and LBBW price new issues, along with a debut from Korea Housing Finance Corp. ... and more

Some items of covered bond news do not rate their own story in this publication — often because they relate to geographic areas outside our focus, North America.  Even so, readers who want to keep up with covered bond news in general might find them interesting.

HSH Nordbank prices a three-year issue ... regulatory resistance in Australia ... European issuers urged to pitch CBs in the U.S. ... and more

Some items of covered bond news do not rate their own story in this publication — often because they relate to geographic areas outside our focus, North America.  Even so, readers who want to keep up with covered bond news in general might find them interesting.

One Italian bank's covered bond pricing reportedly prompts postponement by another ... Bayerische Landesbank, HSH Nordbank and Banco Santander's Abbey launch ... National Bank of Greece sets up another CB program ... and more

Some items of covered bond news do not rate their own story in this publication — often because they relate to geographic areas outside our focus, North America.  Even so, readers who want to keep up with covered bond news in general might find them interesting.

"Covered bonds have enjoyed a record six-month run" with issuance of nearly $210 billion in 2010, "outstripping the previous $204 [billion] record in the first half of 2007, according to data from Dealogic."