Presale: Deutsche Postbank AG?Hypothekenpfandbriefe
Standard & Poors, December 2007
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: Full Analysis
Abstract
Standard & Poor's Ratings Services has assigned a preliminary credit rating to the inaugural issuance of Hypothekenpfandbriefe (German legislation-enabled mortgage covered bonds) to be drawn under Deutsche Postbank AG's (Postbank) -15 billion debt issuance program. Depending on market conditions the first issuance of mortgage covered bonds is expected in early 2008. The mortgage covered bonds will constitute unsubordinated obligations and will rank pari passu among themselves and, for mortgage bonds, at least pari passu with other obligations of the issuer under mortgage covered bonds. The notes and all other documentation relating to the program are governed by German law. With the issuance of mortgage covered bonds, retail-focused Postbank will enter the jumbo covered bond market and add another instrument to...
Companies mentioned in this report are: Deutsche Postbank AG
Deutsche Postbank AG
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