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Global Covered Bond Characteristics And Rating Summary Q2 2012 Aug 12

  • ID: 2206348
  • August 2012
  • Region: Global
  • Standard & Poors
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FEATURED COMPANIES

  • AIB Mortgage Bank
  • Banco BPI S.A.
  • CaixaBank S.A.
  • GE SCF S.C.A
  • Lansforsakringar Hypotek
  • Realkredit Danmark 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: 98 covered bond programs, the ratings on which are linked to the issuer (that is, covered bonds that have or can have asset-liability mismatches); and 54 covered bond programs, the ratings on which are not linked to the issuer. These covered bond programs encompass 49 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...

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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- BRFkredit A/S
- 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
- 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)
- Deutsche Pfandbriefbank AG
- Kutxabank S.A.
- 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.
- Hypothekenbank Frankfurt International S.A.
- DEPFA Pfandbrief Bank International S.A.
- Deutsche Postbank AG
- Hypothekenbank Frankfurt AG
- NRW.BANK
- Depfa ACS Bank
- Westdeutsche ImmobilienBank
- Bradford & Bingley PLC Covered Bond Programme
- Banco Santander Totta S.A.
- WM Covered Bond Program
- BA Covered Bond Issuer
- Credit Mutuel-CIC Home Loan SFH
- DNB Boligkreditt AS
- AIB Mortgage Bank
- Societe Generale SCF
- Barclays Bank PLC Global Covered Bond Programme
- HSBC SFH (France)
- Arkea Home Loans SFH
- CaixaBank S.A.
- GE SCF S.C.A
- BNP Paribas Home Loan SFH
- BNP Paribas Public Sector SCF
- Caja de Ahorros y Monte de Piedad de Zaragoza Aragon y Rioja (IBERCAJA)
- Credit Foncier et Communal d'Alsace et de Lorraine - SCF
- Erste Europaeische Pfandbrief- und Kommunalkreditbank AG
- Totalkredit A/S
- Realkredit Danmark A/S
- Bank of Scotland PLC Covered Bond Programme
- Banques Populaires Covered Bonds
- Nordea Kredit Realkredit A/S
- Santander UK PLC Global Covered Bond Programme
- ABN AMRO Bank N.V. Covered Bond Programme
- Nationwide Building Society Global Covered Bond Programme
- NORD/LB Luxembourg S.A. Covered Bond Bank
- OP Mortgage Bank
- Lansforsakringar Hypotek
- Credit Agricole Home Loan SFH
- UniCredit SpA Obbligazioni Bancarie Garantite Programme
- Bank of Scotland plc Social Housing Covered Bond Programme

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Note: Product cover images may vary from those shown

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