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Covered Bonds

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Highlights

  • 10 Apr 2014
    • ​​Austria/Hypo Alpe-Adria-Bank International AG: Orderly wind-down reduces fire-sale risk, a credit positive for covered bonds.
      On 22 March, Austria's Finance Minister announced the transfer of the nationalised Hypo Alpe-Adria-Bank International AG (HAA, unrated) to a state-owned corporate holding company. The government's plan for an orderly wind-down of HAA reduces the risk of asset fire sales, which is credit positive for HAA's covered bonds. However, the government's plan does not entail a guarantee for HAA's liabilities by its ultimate owner, the state of Austria (Aaa stable). Furthermore, there is a lack of transparency on the future positioning of the covered bond programme.... Full Report
  • 13 Mar 2014
    • Moody's updates methodology for rating covered bonds
      Our new report on our approach to rating covered bonds is now available. It clarifies how we have (1) amended the methodology by replacing the issuer senior unsecured/deposit rating in the European Union and Norway with a new covered bond "anchor point"; and (2) provided more details on (a) calculations for the hedging of interest rate and foreign exchange risks; and (b) our approach to "de-linked" covered bond ratings… Full Report
  • 31 Jan 2014
    • Covered bond quarterly overview
      The key development was the reversal of the previous trend of declining TPIs (reflecting declining covered bond credit quality) in countries with a sovereign rating of A1 and below. As detailed in the Q3 report, over 30% of the outstanding covered bonds carry now TPIs of "Probable", prompted by us raising the Spanish TPIs to "Probable" from "Improbable" to reflect the stabilisation of the Spanish economy. If the credit of sovereigns currently rated A1 or below strengthens sufficiently, we would expect to see further TPIs raised... Press Release l Full Report
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