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Global Covered Bond Characteristics And Rating Summary Q2 2011 Jul 11

  • ID: 1857981
  • July 2011
  • Region: Global
  • Standard & Poors

FEATURED COMPANIES

  • AIB Mortgage Bank
  • Banco BPI S.A.
  • Danske Bank A/S
  • Dexia LdG Banque S.A.
  • ING Bank N.V.
  • Nykredit Realkredit A/S
  • MORE

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 61 covered bonds, the ratings on which are not linked to the issuer. These covered bonds encompass 57 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), Clydesdale Bank PLC Global Covered Bond Program, and Barclays Bank PLC (£3.054 billion). This article focuses only on covered bonds that have or may have...

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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- AXA Bank Europe SCF
- BPCE SFH
- Bankia S.A.
- Deutsche Bank AG
- Danske Bank A/S
- Landesbank Hessen-Thueringen Girozentrale
- Nykredit Realkredit A/S
- Swedbank Mortgage AB
- ING Bank N.V.
- Barclays Bank S.A.U.
- DekaBank Deutsche Girozentrale
- Fundacion Bancaria Caja de Ahorros y Pensiones de Barcelona
- 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
- 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.
- DEPFA Pfandbrief Bank International S.A.
- Erste Europaeische Pfandbrief- und Kommunalkreditbank AG
- Totalkredit A/S
- Deutsche Postbank AG
- Hypothekenbank Frankfurt AG
- NRW.BANK
- Depfa ACS Bank
- Realkredit Danmark A/S
- Westdeutsche ImmobilienBank
- Bank of Scotland PLC Covered Bond Programme
- NRAM Plc Global Covered Bond Programme
- Bradford & Bingley PLC Covered Bond Programme
- 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
- WM Covered Bond Program
- BA Covered Bond Issuer
- NORD/LB Luxembourg S.A. Covered Bond Bank
- OP Mortgage Bank
- Lansforsakringar Hypotek
- Credit Mutuel-CIC Home Loan SFH
- DNB Boligkreditt AS
- AIB Mortgage Bank
- Dexia LdG Banque S.A.
- Banques Populaires Covered Bonds Programme
- Societe Generale SCF
- 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
- Arkea Home Loans SFH
- BNP Paribas Public Sector SCF
- GE SCF S.C.A

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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