Covered Bonds
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Analysts have welcomed the broad thrust of the planned changes to Standard & Poor’s covered bond rating methodology, saying that it corrects some of the anomalies its previous stance threw up. However, the new framework has given rise to as many questions as it has answered.
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Crédit Mutuel Arkéa has launched its debut covered bond transaction.
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Deutsche Postbank has opened books on a jumbo Pfandbrief issue, just a day after Landesbank Baden-Württemberg revived the German market with the first such deal since August last year.
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Moody’s yesterday (Wednesday) concluded a review for possible downgrade of Crédit Agricole and Calyon’s ratings that was initiated in August.
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Moody’s yesterday (Tuesday) downgraded Alpha Bank’s rating from A1 to A2, with a negative outlook.
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The Bank of England and the European Central Bank have absorbed £287bn (Eu318bn) and roughly Eu600bn, respectively, of asset backed securities and covered bonds, according to statistics published this week.
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Standard & Poor’s has changed the outlook on its A ratings of Banco Espírito Santo and Banco BPI from stable to negative. It affirmed its ratings of the three other Portuguese banks that it covers, but said that Banco Comercial Português is among the most vulnerable.
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Fitch yesterday (Tuesday) affirmed the ratings of Hypo Real Estate’s operating subsidiaries at A- with a stable outlook.
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Fitch yesterday (Tuesday) placed on negative review the A+ long term issuer default ratings of Caisse Nationale des Caisses d'Epargne et de Prévoyance, Banque Fédérale des Banques Populaire, and Crédit Foncier de France.
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Fitch yesterday (Tuesday) said that the Irish covered bond framework provides a strong foundation for the continuity of covered bond payments in the event of issuer insolvency.
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Standard & Poor's is proposing changes to its covered bond rating methodology so that it would link certain ratings to an issuer’s credit rating.
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Landesbank Baden-Württemberg today (Wednesday) launched the first jumbo Pfandbrief since 26 August last year, a five year transaction that is set to be priced this afternoon at the tight end of guidance.