Luminor Bank steps closer to covered bond issuance with Moody’s rating

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By Bill Thornhill
16 Jan 2020

An Estonian covered bond could soon be due in the market after Moody’s rated Luminor Bank’s programme this week — the first to be structured under the country’s newly established law. The rating comes after the European Central Bank granted Luminor a license to issue covered bonds in December.

On Monday Moody's assigned a provisional long-term rating of Aa1 to mortgage covered bonds issued by Luminor Bank. 

Luminor's deposit rating is Baa1 with a stable outlook. The counter-party risk assessment rating, which is governed by the Estonian Covered Bond Act, is pegged at A3.

The covered bonds will ...

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