Global Covered Bond Characteristics And Rating Summary Mar 11
Standard & Poors, March 2011
Abstract
This article provides Standard & Poor's Ratings Services' assessment of the characteristics of the listed covered bond programs that contribute to its rating opinion. We currently rate: 89 covered bonds, the ratings on which are linked to the issuer (that is, covered bonds that have or can have asset-liability mismatches); and 62 covered bonds, the ratings on which are not linked to the issuer. These covered bonds encompass 59 Spanish Multi-Cédulas transactions, the Cassa Depositi e Prestiti SpA's covered bond program, and the global covered bond programs of the Bank of Scotland PLC (£15 billion) and Clydesdale Bank PLC. This article focuses only on covered bonds that have or may have an asset-liability mismatch (ALMM), that is, because the rating...
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.
- Deutsche Bank AG
- Danske Bank A/S
- Landesbank Hessen-Thueringen Girozentrale
- Portigon AG (Unsolicited Ratings)
- Nykredit Realkredit A/S
- Caja de Ahorros y Monte de Piedad de Madrid
- Swedbank Mortgage AB
- ING Bank N.V.
- Banco Espirito Santo S.A.
- Caixa Geral de Depositos S.A.
- Barclays Bank S.A.
- DekaBank Deutsche Girozentrale
- Caja de Ahorros y Pensiones de Barcelona (Unsolicited Ratings)
- Banco Popular Espanol S.A.
- DZ BANK AG Deutsche Zentral-Genossenschaftsbank
- Banco BPI S.A.
- Dexia Kommunalbank Deutschland AG
- Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian (Kutxa)
- Deutsche Pfandbriefbank AG
- UniCredit Bank AG
- Deutsche Genossenschafts-Hypothekenbank AG
- Deutsche Apotheker- und Aerztebank eG
- Landesbank Baden-Wuerttemberg
- Nordea Hypotek AB
- Compagnie de Financement Foncier
- Caisse Francaise de Financement Local
- WL BANK AG Westfaelische Landschaft Bodenkreditbank
- Banco Bilbao Vizcaya Argentaria S.A.
- Credit Foncier et Communal d'Alsace et de Lorraine - Societe de Credit Foncier
- Hypothekenbank Frankfurt International S.A.
- Erste Europaeische Pfandbrief- und Kommunalkreditbank AG
- Totalkredit A/S
- Deutsche Postbank AG
- Hypothekenbank Frankfurt AG
- Depfa ACS Bank
- Realkredit Danmark A/S
- Westdeutsche ImmobilienBank
- Bank of Scotland PLC Covered Bond Programme
- EAA Covered Bond Bank Public Ltd Co.
- Northern Rock (Asset Management) PLC Global Covered Bond Programme
- Bradford & Bingley PLC Covered Bond Programme
- Bank of Ireland Mortgage Bank
- Nordea Kredit Realkredit A/S
- Banco Santander Totta S.A.
- Abbey National Treasury Services PLC Global Covered Bond Programme
- ABN AMRO Bank N.V. Covered Bond Programme
- Nationwide Building Society Global Covered Bond Programme
- AB Sveriges Sakerstallda Obligationer (The Swedish Covered Bond Corp.)
- WM Covered Bond Program
- BNP Paribas Home Loan Covered Bonds
- HSBC Bank PLC Covered Bond Programme
- Achmea Hypotheekbank N.V. Covered Bond Programme
- BA Covered Bond Issuer
- NORD/LB COVERED FINANCE BANK S.A.
- OP Mortgage Bank
- Lansforsakringar Hypotek
- Credit Mutuel-CIC Home Loan SFH
- AIB Mortgage Bank
- Dexia LdG Banque S.A.
- Banques Populaires Covered Bonds Programme
- Royal Bank of Canada Global Covered Bond Programme
- Bank of Montreal Global Covered Bond Programme
- Societe Generale SCF
- Canadian Imperial Bank of Commerce Global Public Sector Covered Bond Programme
- GCE Covered Bonds Programme
- Barclays Bank PLC Global Covered Bond Programme
- HSBC SFH (France)
- Credit Agricole Home Loan SFH Covered Bond Program
- UniCredit SpA Obbligazioni Bancarie Garantite Programme
- Bank of Scotland plc Social Housing Covered Bond Programme
- Lloyds TSB Bank PLC GBP30 billion Global Covered Bond programme guaranteed by Lloyds TSB Secured Finance LLP
- Credit Mutuel Arkea Home Loans SFH
- BNP Paribas Public Sector SCF
- GE SCF S.C.A
- AXA Bank Europe SCF
- Hypo Pfandbrief Bank International S.A.
- NRW.BANK
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