Thursday, 24 January 2019

Merle Crichton' s stories

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  • Royal Bank of Canada (RBC) logo

    RBC smashes back into covereds

    Ticker | 21 June 2018

    Royal Bank of Canada has returned with style to the covered sector, pricing a €1.5bn five-year on a €2.2bn book after tightening talk by 4bp - the biggest pricing move for a euro covered deal of this size this year.

  • DNB's Green wins Norwegian covered race

    Bonds | 15 June 2018

    DNB Boligkreditt racked up over €2bn of demand for its seven-year debut Green covered bond, scoring the biggest book seen in the sector in recent weeks at one of the most competitive starting and landing points versus fair value.

  • Light green pastures

    KBC and Svenska HB next in Green senior line

    Ticker | 14 June 2018

    KBC Group and Svenska Handelsbanken will become the next financial institutions to join the Green bond fray, with both lining up senior unsecured trades to continue the sector’s expansion.

  • Euro bills

    AllianceBernstein launches global financials fund

    Ticker | 13 June 2018

    AllianceBernstein has launched a global financial credit fund to focus on subordinated debt, including Additional Tier 1.

  • Logo of Cajamar Caja Rural

    Cajamar treads cautiously in covered return

    Ticker | 07 June 2018

    Cajamar Caja Rural played it safe with a defensive tenor as it restarted covered issuance after Wednesday’s difficulties in fixed income markets.

  • Commerzbank headquarters

    Commerzbank goes shorter as covered spree goes unabated

    Ticker | 06 June 2018

    Commerzbank priced its most heavily oversubscribed covered bond of 2018 on Wednesday, helped by a chunky new issue premium as the issuer took advantage of what could be one of the last windows for cheap funding ahead of the end of quantitative easing.

  • Hamburger Sparkasse AG

    Haspa clears €500m no-grow despite tight NIP

    Ticker | 05 June 2018

    Hamburger Sparkasse (Haspa) cleared a rare €500m no-grow five-year covered bond on Tuesday, helped by the trade’s tenor, the issuer’s scarcity value and an attractive spread over Germany.

  • Canadian covereds hog spotlight in risk-off week

    Bonds | 01 June 2018

    Canadian banks were the only financial borrowers to brave the primary market last week, although they stuck to highly defensive formats given the political chaos in Italy.

  • The outside of a TD Bank branch is seen in New York

    TD picks sterling for second covered deal this week

    Ticker | 31 May 2018

    Toronto-Dominion Bank is back in the covered bond market for the second time in two days, switching from euros to a sterling three-year floater as other borrowers stayed home.

  • TD Bank branch

    Solid response for TD as covereds prove their mettle

    Ticker | 30 May 2018

    Toronto-Dominion Bank stepped into an otherwise deserted euro primary bond market on Wednesday, luring over €1.3bn of demand for a €1bn seven-year trade, showing that covered bonds remain banks’ funding instrument of choice in volatile markets.

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