Covered Bonds
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Warnings that a move towards post-trade price transparency in covered bonds could create “a big, big monster” were followed by a summary of replies to a European Covered Bond Council consultation paper on the subject, at an ECBC plenary in Amsterdam on Friday. -
Bancaja today (Monday) became the seventh Spanish issuer to tap the benchmark covered bond market in eight working days, while Portugal’s Banco Santander Totta is following through with a deal announced before Fitch last Wednesday cut its sovereign’s rating. Meanwhile, an Italian bank will soon be on the road.
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Moody’s has concluded a review of its criteria for Greek structured finance and covered bond transactions by leaving open the possibility of them to achieving Aaa ratings.
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The possibility of post-issuer-insolvency covered bond estates raising liquidity from Federal sources has been dropped in the latest draft of US covered bond legislation, but is not a serious blow to the strength of the proposed framework, according to market participants.
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Moody’s on Friday assigned its first public rating to Czech covered bonds, hypoteční zastavni listy.
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Sweden’s covered bond issuers have agreed on a single calculation and presentation of loan-to-value ratios for mortgage cover assets to enhance the transparency and comparability of their cover pools.
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In an exception to its covered bond rating criteria, Fitch yesterday (Thursday) downgraded Caixa Geral de Depósitos’s public sector covered bonds from AAA to AA+ because of its cut in the Portuguese sovereign’s rating from AA to AA- on Wednesday.
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The European Central Bank reported fewer covered bond purchases this week than last despite an increase in eligible issuance settling over the relevant five day period.
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Axel Wieandt has resigned as the chief executive of Hypo Real Estate because of differences with Germany’s Financial Market Stabilisation Fund (SoFFin) over the management of the company.
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Luca Bertalot, head of the European Covered Bond Council, has been appointed deputy secretary general of the European Mortgage Federation.
