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Italian RMBS Index Report Q2 2007 Jul 07
Standard & Poors, July 2007
Abstract
Since the publication of the first-quarter index report for the Italian RMBS market, Standard & Poor's Ratings Services has rated three new transactions. One of these (PB Domicilio 2007-1 Ltd.) was the first Italian synthetic RMBS transaction rated by us. The total issuance for the first months of 2007 was approximately -15.5 billion, already 105% of what we rated in 2006. Based on our pipeline, we expect supply to total -20 billion for 2007. The framework for covered bonds in Italy is finally in place. We may well see the first issue under the new legislation coming to the market in the second half of the year. Two new transactions (Cordusio RMBS 2 S.r.l. and BPM Securitisation 2 S.r.l.), with...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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