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Global Covered Bond Characteristics And Rating Summary Q4 2011 Jan 12 Product Image

Global Covered Bond Characteristics And Rating Summary Q4 2011 Jan 12

  • ID: 2044659
  • January 2012
  • Region: Global
  • Standard & Poors

FEATURED COMPANIES

  • AIB Mortgage Bank
  • Bankia S.A.
  • CaixaBank S.A.
  • Dexia LdG Banque S.A.
  • ING Bank N.V.
  • NRW.BANK
  • 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: 96 covered bonds, the ratings on which are linked to the issuer (that is, covered bonds that have or can have asset-liability mismatches); and 60 covered bonds, the ratings on which are not linked to the issuer. These covered bonds encompass 55 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, Barclays Bank PLC (£3.054 billion), and BPCE Home Loans FCT. This article focuses only on covered bonds that...

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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- Banco Popular Espanol S.A.
- DZ BANK AG Deutsche Zentral-Genossenschaftsbank
- Landshypotek Bank AB
- Banco BPI S.A.
- Dexia Kommunalbank Deutschland AG
- Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian (Kutxa)
- Caja de Ahorros y Monte de Piedad de Zaragoza Aragon y Rioja (IBERCAJA)
- Deutsche Pfandbriefbank AG
- UniCredit Bank AG
- Deutsche Genossenschafts-Hypothekenbank AG
- Deutsche Apotheker- und Aerztebank eG
- Mediobanca SpA
- 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.
- Hypo Pfandbrief Bank International S.A.
- Totalkredit A/S
- Deutsche Postbank AG
- Hypothekenbank Frankfurt AG
- NRW.BANK
- Depfa ACS Bank
- Realkredit Danmark A/S
- Westdeutsche ImmobilienBank
- 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
- BNP Paribas Home Loan Covered Bonds
- BA Covered Bond Issuer
- NORD/LB COVERED FINANCE BANK S.A.
- OP Mortgage Bank
- Credit Mutuel-CIC Home Loan SFH
- AIB Mortgage Bank
- Dexia LdG Banque S.A.
- Bank of Montreal Global Covered Bond Programme
- Societe Generale SCF
- Canadian Imperial Bank of Commerce Global Public Sector 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
- Credit Mutuel Arkea Home Loans SFH
- BNP Paribas Public Sector SCF
- CaixaBank S.A.
- GE SCF S.C.A
- BRFkredit A/S
- Credit Mutuel Arkea Public Sector SCF
- AXA Bank Europe SCF
- BPCE SFH
- Bankia S.A.
- Banca Civica S.A.
- Ibercaja Banco 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 (Unsolicited Ratings)
- BNP Paribas Home Loan SFH
- Erste Europaeische Pfandbrief- und Kommunalkreditbank AG
- Bank of Scotland PLC Covered Bond Programme
- Banques Populaires Covered Bonds Programme
- Lansforsakringar Hypotek
- DNB Boligkreditt AS
- GCE Covered Bonds Programme
- Barclays Bank PLC Global Covered Bond Programme

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

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