Global Covered Bond Characteristics And ... - Standard & Poor's

More documents

Recommendations

Info

Table 1 Global Covered Bond Characteristics And Rating Summary (cont.) Credit Mutuel-CIC Home Loan SFH LCB/OFH FR Low 2 6 2 A+/Stable/A-1 (Banque Federative du Credit Mutuel) Dexia Municipal Agency LCB/OF FR Low 1 7 0 BBB+/Watch Neg/A-2 (Dexia Credit Local) AAA/Stable/-- AAA/Watch Neg/-- GCE Covered Bonds Programme SCB FR High 2 4 0 A+/Watch Neg/A-1 (BPCE) AAA/Stable/-- GE SCF S.C.A LCB/OF FR Low 1 7 6 AA+/Stable/A-1+ (General Electric Capital Corp.) AAA/Stable/-- HSBC SFH (France) LCB/OFH FR Low 2 6 3 AA-/Stable/A-1+ (HSBC France) AAA/Stable/-- Societe Generale SCF LCB/OF FR Low 1 7 3 A+/Watch Neg/A-1 (Societe Generale) AIB Mortgage Bank LCB/MCS IE Low 2 6 0 BB/Negative/B (Allied Irish Banks PLC) AAA/Watch Neg/-- A/Negative/-- Depfa ACS Bank LCB/ACS IE Low 2 6 0 BBB/Stable/A-2 (Depfa ACS) AA/Watch Neg/-- Mediobanca SpA SCB IT High 2 4 0 A/Watch Neg/A-1 (Mediobanca SpA) UniCredit SpA Obbligazioni Bancarie Garantite Programme A/Watch Neg/-- SCB IT Low 2 6 1 A/Watch Neg/A-1 (Unicredit SpA) AAA/Watch Neg/-- Dexia LdG Banque S.A.*** LCB/LGP LU Low 2 6 0 A-/Watch Dev/A-2 (Dexia Banque Internationale a Luxembourg) Erste Europaeische Pfandbriefund Kommunalkreditbank AG EUROHYPO Europaeische Hypothekenbank S.A. Hypo Pfandbrief Bank International S.A. NORD/LB COVERED FINANCE BANK S.A. ABN AMRO Bank N.V. Covered Bond Programme AAA/Watch Neg/-- LCB/LGP LU Low 2 6 N/A NR AA+/Watch Dev/-- LCB/LGP LU Low 2 6 0 A-/Watch Neg/A-2 (EUROHYPO Europaeische Hypothekenbank S.A.) LCB/LGP LU Moderate 2 5 0 BBB/Stable/A-2 (Hypo Pfandbrief Bank International S.A.) LCB/LGP LU Low 2 6 0 BBB+/Stable/A-2 (NORD/LB COVERED FINANCE BANK S.A.) SCB NL Low 2 6 2 A+/Negative/A-1 (ABN AMRO Bank N.V.) AAA/Watch Neg/-- AA-/Stable AA+/Stable/-- AAA/Stable/-- ING Bank N.V. SCB NL Low 2 6 2 A+/Stable/A-1 (ING Bank N.V.) AAA/Stable/-- DNB Boligkreditt AS LCB/OMF NO Low 2 6 2 A+/Stable/A-1 (DNB Bank ASA) AAA/Stable/-- Banco BPI S.A. LCB/OH PT Low 2 6 0 BB+/Watch Neg/B (Banco BPI S.A.) Banco BPI S.A. LCB/OSSP PT Low 2 6 0 BB+/Watch Neg/B (Banco BPI S.A.) Banco Santander Totta S.A. LCB/OH PT High 2 4 0 BBB-/Watch Neg/A-3 (Banco Santander Totta S.A.) AB Sveriges Sakerstallda Obligationer (The Swedish Covered Bond Corp.) LCB/SO SE Low 1 7 3 A+/Stable/A-1 (Sveriges Bostadsfinansieringsaktiebolag, SBAB (publ)) A+/Watch Neg/-- BBB-/Watch Neg/-- A/Watch Neg/-- AAA/Stable/-- Landshypotek AB LCB/SO SE Moderate 1 6 1 A/Stable/A-1 (Landshypotek AB) AAA/Stable/-- Lansforsakringar Hypotek LCB/SO SE Moderate 1 6 1 A/Stable/A-1 (Lansforsakringar Bank) Nordea Hypotek AB LCB/SO SE Low 1 7 4 AA-/Stable/A-1+ (Nordea Bank AB) Swedbank Mortgage AB LCB/SO SE Low 1 7 3 A+/Stable/A-1 (Swedbank Mortgage AB) Abbey National Treasury Services PLC Global Covered Bond Programme Global Covered Bond Characteristics And Rating Summary Q4 2011 SCB UK Low 2 6 3 AA-/Watch Neg/A-1+ (Santander UK PLC) Standard & Poors | RatingsDirect on the Global Credit Portal | January 24, 2012 6 933241 | 301860146 AAA/Stable/-- AAA/Stable/-- AAA/Stable/-- AAA/Stable/--
Table 1 Global Covered Bond Characteristics And Rating Summary (cont.) Bank of Ireland Covered Bond Program (The Governor and Company of the Bank of Ireland Global Covered Bond Programme) Bank of Scotland PLC Covered Bond Programme Bank of Scotland plc Social Housing Covered Bond Programme Barclays Bank PLC Global Covered Bond Programme Bradford & Bingley PLC Covered Bond Programme Lloyds TSB Bank PLC GBP30 billion Global Covered Bond programme guaranteed by Lloyds TSB Secured Finance LLP Nationwide Building Society Global Covered Bond Programme Northern Rock (Asset Management) PLC Global Covered Bond Programme SCB UK High 2 4 0 BB+/Negative/B (Bank of Ireland) A-/Watch Neg/-- SCB UK Low 2 6 1 A/Stable/A-1 (Bank of Scotland PLC) SCB UK Low 2 6 1 A/Stable/A-1 (Bank of Scotland PLC) SCB UK Low 2 6 2 A+/Stable/A-1 (Barclays Bank PLC) AAA/Stable/-- AAA/Stable/-- AAA/Stable/-- SCB UK Low 2 6 N/A --/--/A-1 (Bradford & Bingley PLC) AAA/Negative/-- SCB UK Low 2 6 1 A/Stable/A-1 (Lloyds TSB Bank PLC) SCB UK Low 2 6 2 A+/Stable/A-1 (Nationwide Building Society) SCB UK Low 2 6 1 A/Stable/A-1 (Northern Rock (Asset Management) PLC) BA Covered Bond Issuer SCB US Moderate 3 4 0 A/Negative/A-1 (Bank of America N.A.) WM Covered Bond Program SCB US Moderate 3 4 0 A+/Stable/A-1 (JPMorgan Chase Bank N.A.) AAA/Stable/-- AAA/Stable/-- AAA/Stable/-- AA/Negative/-- AA/Negative/-- ***This program is currently under review; the covered bond rating will be updated in line with the CreditWatch resolution. **Covered bond program formerly "Caja de Ahorros y Monte de Piedad de Zaragoza Aragon y Rioja (IBERCAJA)". §These figures do not take into account the maximum rating differential between the sovereign and the covered bond program in the EMU (see "Nonsovereign Ratings That Exceed EMU Sovereign Ratings: Methodology And Assumptions", published June 14, 2011); also, if Target CE is higher than Actual CE, this figure is set "0". *Where the issuer is a special-purpose entity, we apply an ICR as described in paragraph 55 of the updated criteria. ACS--Asset covered securities. ALMM--Asset-liability mismatch. CB--Covered bond. CH--Cédulas Hipotecarias. CT--Cédulas Territoriales. FCB--Finnish covered bonds. HYPF--Hypothekenpfandbriefe. LGP--Lettres de Gage Publiques. ICR--Issuer credit rating. LCB--Legislation-enabled covered bond. MCS--Mortgage covered securities. N/A--Not available; not applicable. NR--Not rated. OF--Obligations foncieres. OFH--Obligation de Financement de l'Habitat. OH--Obrigacoes hipotecarias. OMF--Obligasjoner Med Fortrinnsrett. OPF--Oeffentlicher Pfandbrief. OSSP--Obrigacoes sobre o Sector Público. RO--Realkreditobligationer. SCB--Structured covered bond. SDO--Særligt Dækkede Obligationer. SDRO--Særligt Dækkede Realkreditobligationer. SO--Säkerställda Obligationer. Table 2 Mortgage Covered Bond Characteristics (Credit Risk) Issuer/CB program Canadian Imperial Bank of Commerce Global Public Sector Covered Bond Programme* Royal Bank of Canada Global Covered Bond Programme* Deutsche Apotheker- und Aerztebank eG Country of issuer Reporting date Resi (%) Com (%) Pub (%) Other (%) WAFF (%) WALS (%) WAFFxWALS (%) WA whole loan LTV (%) Asset default risk (%) CA Sep. 2011 92 0 0 8 23.58 2.00 0.47 59.39 5.37 CA Oct. 2011 100 0 0 0 12.29 12.72 1.56 69.90 5.72 DE Jun. 2011 91 4 0 6 25.30 5.87 1.49 72.16 7.47 Deutsche Bank AG DE Sep. 2011 22 76 0 2 43.00 8.92 3.84 87.97 13.87 Deutsche Genossenschafts-Hypothekenbank AG Global Covered Bond Characteristics And Rating Summary Q4 2011 DE Sep. 2011 44 54 0 3 21.53 16.79 3.61 56.23 3.28 Deutsche Pfandbriefbank AG DE Sep. 2011 1 91 0 8 42.47 27.46 11.66 67.59 17.49 Deutsche Postbank AG DE Jun. 2011 94 0 0 6 21.39 2.00 0.43 87.75 2.50 www.standardandpoors.com/ratingsdirect 7 933241 | 301860146
Page 1 and 2: Global Covered Bond Characteristics
Page 3 and 4: from the ALMM. Global Covered Bonds
Page 5: Table 1 Global Covered Bond Charact
Page 9 and 10: Table 2 Mortgage Covered Bond Chara
Page 11 and 12: Table 3 Mortgage Covered Bond Chara
Page 13 and 14: Table 4 Public Covered Bond Charact
Page 15 and 16: Our Five-Step Approach To Rating Co
Page 17 and 18: Covered bond type This reflects our
Page 19 and 20: WA rating The purpose of displaying
Page 21: Copyright © 2012 by Standard & Poo

Global Covered Bond Characteristics And ... - Standard & Poor's

Create successful ePaper yourself

Delete template?

Save as template?