Covered Bonds

News & Analysis as of

Orrick's Financial Industry Week in Review

SEC Adopts Rules for Enhanced Regulatory Framework for Securities Clearing Agencies - On September 28, 2016 the Securities and Exchange Commission ("SEC") voted to adopt new rules to establish "enhanced standards for the...more

Rating Agency Developments

On September 27, 2016, Fitch issued a report entitled Criteria for Rating Non-Financial Corporates. Press release. On September 26, 2016, Fitch issued a report entitled Criteria for Country Risk in Global Structured Finance...more

EU Legislation on Indices and Recognized Exchanges under the Capital Requirements Regulation

Implementing Technical Standards listing the main indices and recognized exchanges for the use of eligible collateral in accordance with the Capital Requirements Regulation was published in the Official Journal of the...more

Orrick's Financial Industry Week in Review

Financial Industry Developments - Agencies Publish Study on Banking Activities and Investments under Dodd-Frank - On September 8, 2016, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance...more

Brexit and financial markets

On 23 June 2016, the UK electorate voted to leave the European Union in a so-called Brexit referendum. This historic decision raises significant challenges and potential opportunities for financial services activity within...more

Rating Agency Developments

On July 19, 2016, DBRS published its criteria for rating CLOs backed by loans to European SMEs (small and medium-sized enterprises).  Report. On July 18, 2016, Fitch published its criteria for assigning new and existing...more

Rating Agency Developments

On April 22, 2016, DBRS published an updated report on rating Canadian Covered Bonds. ...more

Il Decreto Banche E La Vigilanza Sulle Obbligazioni Bancarie Collateralizzate

The decree law no. 18 of 14 February 2016 (cd. Banks Decree, hereinafter the "Decree 181 ") has recently been converted, with modifications, by Law no. 49 of 8 April 20162 ("Exchange Act"). Thanks to the Conversion Law were...more

Rating Agency Developments

On March 8, 2016, Fitch updated its global rating criteria for single- and multi-name credit-linked notes. On March 8, 2016, DBRS published its methodology for rating European covered bonds. On March 4, 2016, DBRS published...more

Global Financial Markets Insight - Issue 8, Q4 2015

In this issue we also look at some of the practical issues impacting financing practices in a variety of European and emerging markets. This includes looking at new legislation to open up markets such as the covered bond...more

Capital Markets Union - Part 3: Proposed Elements of a New EU Covered Bond Framework

An EU-wide dedicated legislative framework for covered bonds is one of the options currently being considered as part of the European Commission’s consultation on covered bonds. This option, according to the Commission’s...more

Capital Markets Union - Part 2: Two Options for a Pan-European Covered Bond Framework

As part of the European Commission’s plan to build a Capital Markets Union (CMU), the Commission has launched a consultation on the possibility of establishing a pan-European covered bond framework. Two policy options for...more

Commission reports on covered bonds requirement

The Commission has reported to the EP and Council on the capital requirement for covered bonds under the CRR. The report assesses the appropriateness of preferential risk weights for covered bonds, aircraft loans and...more

Orrick's Financial Industry Week in Review

Barclays and Wachovia Settle with NCUA - On October 19, 2015, Barclays PLC and Wachovia Capital Markets LLC agreed to pay $325 million and $53 million, respectively, to settle claims brought by the National Credit Union...more

European Commission Report on Capital Requirements for Covered Bonds

On October 20, 2015, the European Commission published a report (COM(2015) 509 final), addressed to the European Parliament and the Council of the EU, on capital requirements for covered bonds as required by Article 503 of...more

EBA Opinion on Mortgage Lending Value

On October 5, 2015 the European Banking Authority (EBA) published an opinion on mortgage lending value (MLV). The EBA has the mandate to develop the draft Regulatory Technical Standards (RTS) to specify criterial for...more

Commission adopts CMU action plan

The Commission has adopted an action plan setting out 20 key measures to achieving a true single market for capital in Europe (Capital Markets Union (CMU)). Key early action points include...more

Commission consults on covered bonds

The Commission has launched a public consultation on covered bonds (CB). It evaluates weaknesses and vulnerabilities in national CB markets as a result of the global financial crisis...more

Orrick's Financial Industry Week in Review

SEC Updates Compliance and Disclosure Interpretations for Legacy Deals - On September 16, the SEC released its updated compliance and disclosure interpretations for the rules adopted under Regulation AB, the Securities...more

Transparency Template For Covered Bonds

On September 17, 2015, the Covered Bond Label Foundation and the European Covered Bond Council announced agreement on the implementation of a Harmonized Transparency Template (HTT) across jurisdictions for all covered bond...more

A User's Guide to Volcker Rule Complexities

Increasingly, we receive questions from prospective investors in covered bonds on whether an investment is prohibited or limited under the Volcker Rule, which was adopted by the various agencies under section 619 of the...more

Rating Agency Developments

On May 22, DBRS released its methodology for rating entities in the real estate industry. On May 21, DBRS released its methodology for reviewing ratings of Canadian structured finance and covered bond transactions. On May 20,...more

Rating Agency Developments

On April 24, Fitch released its updated U.S. Auto Lease ABS Ratings Criteria. On April 27, DBRS released its Rating Canadian Covered Bonds Methodology. On April 27, S&P updated its Bank Rating Methodology and Assumptions to...more

Rating Agency Developments

On March 27, DBRS released its updated methodology for rating North American commercial mortgage-backed securities (CMBS). On March 27, Fitch released its updated criteria for analyzing U.S. wireless tower transactions....more

Relief for Covered Bonds as ESMA refines the Clearing Obligation

On August 16, 2012, the European Market Infrastructure Regulation (“EMIR”) came into force, defining the obligations of in-scope entities, amongst other things, to (1) centrally clear certain over the counter derivatives...more

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