Research And Markets Research And Markets

Global Covered Bond Characteristics And Rating Summary Q4 2011 Jan 12

  • ID: 2044659
  • January 2012
  • Region: Global
  • Standard & Poors
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  • AIB Mortgage Bank
  • Banca Civica S.A.
  • Deutsche Bank AG
  • Ibercaja Banco S.A.
  • Nordea Hypotek AB
  • MORE

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.

Note: Product cover images may vary from those shown
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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 - SCF
- 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
- Depfa ACS Bank
- Realkredit Danmark A/S
- Westdeutsche ImmobilienBank
- Bradford & Bingley PLC Covered Bond Programme
- Nordea Kredit Realkredit A/S
- Banco Santander Totta S.A.
- 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
- Banques Populaires Covered Bonds
- Societe Generale SCF
- HSBC SFH (France)
- Credit Agricole Home Loan SFH
- Arkea Home Loans SFH
- BNP Paribas Public Sector SCF
- CaixaBank S.A.
- BNP Paribas Home Loan SFH
- BRFkredit A/S
- Arkea Public Sector SCF
- AXA Bank Europe SCF
- 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

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