Global Covered Bond Wrap

This Global Covered Bond Wrap from J.P. Morgan's Europe Credit Research covers primary market activity and rating news. No covered bonds were priced yesterday. The pipeline contains a single Estonian covered bond from Luminor Bank AS: €500mm (WNG), 3.5-year maturity, the first publicly-sold benchmark covered bond from the issuer this year. For pricing comparison, the issuer last sold a €500mm 4-year covered bond (LUMINO 2.653% 09/10/2029) at MS+40 in September last year, most recently trading around MS+32 with c.2.9 years remaining, its longest outstanding publicly-traded covered bond. Other Estonian covered bonds: LHVGRP 2.625% 06/11/2029 issued at MS+58 and recently trading near MS+22 with c.2.6 years left; EESTKR 3.125% 03/20/2029 issued at MS+68 and recently trading near MS+16 with c.2.4 years left. No rating actions were taken yesterday.