Covered Bonds
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Toronto-Dominion Bank is said to be close to launching a covered bond programme, with a roadshow possibly taking place in the coming month. However, while TD’s programme has been expected for some time, its final shape could be different from how it had originally been envisaged.
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In brief: The Dutch central bank has approved ING Bank's covered bond programme, following the introduction of the country's covered bond law on 1 July. The CRD compliant covered bonds will now be eligible for preferential risk-weightings.
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Fitch and Standard & Poor’s have downgraded their ratings of HBOS and Bank of Scotland, its main operating subsidiary. However, developments surrounding the UK bank are moving fast and it now looks set to be taken over.
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In brief: Moody's today (Wednesday) downgraded Bradford & Bingley's covered bonds from Aa1 to A1. The bonds remain on review for further downgrade, but Moody's is considering enhancements that B&B is expected to make to its covered bond programme.
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Panellists at the Opportunities in the Italian Funding Market conference in Rome on Monday pointed out that Italian banks looking to issue covered bonds still need to be patient, even if the market has at long last been opened.
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Moody’s today (Tuesday) cut Bradford & Bingley’s senior unsecured rating from Baa1 to Baa3, and left it on negative outlook. The action bring closer the expected downgrade of B&B’s covered bonds to single-A.
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Standard & Poor’s last (Monday) night cut the rating of Washington Mutual Bank (WMB) from BBB to BBB-, and Washington Mutual Inc from BBB- to BB-. The downgrade follows Moody’s downgrade of WMB, the sponsor bank of WaMu’s covered bond programme, from Baa2 to Baa3 last Thursday.
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Achmea Hypotheekbank has underlined that it has rectified administrative errors in its covered bond programme that resulted in it failing its asset cover test (ACT) five times between February 2007 and July this year.