Covered Bonds
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Fitch yesterday (Tuesday) placed the issuer rating of Caja de Ahorros de Castilla La Mancha (CCM) on Rating Watch Positive.
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* These banks were not ranked in the top 20 in the all euro & dollar benchmark league table at the end of Q1 2008.
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Compagnie de Financement Foncier tapped its 2.5% March 2013 Swiss franc bond issue for Sfr150m yesterday (Tuesday) at mid-swaps plus 95bp, 15bp tighter than the launch spread on 10 February.
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* These banks were not ranked in the top 20 in the all euro & dollar benchmark league table at the end of Q1 2008.
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Standard & Poor's yesterday (Tuesday) downgraded Hungary-based OTP Bank and OTP Mortgage Bank from BBB to BB+, negative outlook, following a downgrade of the sovereign.
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Bank of America’s covered bond programme could be rated as low as Aa2 after a review for possible downgrade that Moody's initiated yesterday (Tuesday). [Amended following a correction by Moody's to the text of its press release.]
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Standard & Poor's yesterday cut the ratings of ING Groep NV and ING Verzekeringen NV from AA- to A+ , negative outlook. ING Bank's rating was also downgraded, from AA to AA-, negative outlook.
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In brief: The Cover did not this (Wednesday) morning publish an April Fool after Euromoney Institutional Investor’s in-house lawyers warned the publication that its libel insurance did not extend to such articles and removed the draft piece from its content management system.
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Standard & Poor’s yesterday (Tuesday) revised the outlook on Skandinaviska Enskilda Banken’s A rating from stable to negative.
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The rescue of Caja Castilla-La Mancha at the weekend has not deterred Spanish issuers from approaching the government-guaranteed market, with Caja Madrid today (Tuesday) announcing the mandate for a three year deal.
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Fitch yesterday (Monday) put forward possible changes to its counterparty risk framework, which it said will form the basis of revisions of its covered bonds counterparty criteria.
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Standard & Poor's yesterday (Monday) announced that its ratings of Nationwide Building Society are unaffected by the institution’s takeover of selected assets and liabilities of Dunfermline Building Society, the Scottish building society that was yesterday declared effectively insolvent.