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