Covered Bonds

News & Analysis as of

Volcker Rule and Covered Bonds

The subtler aspects of the Volcker Rule continue to emerge. One of the subtleties is the extraterritorial reach of the Rule in connection with underwriting, investments in, and market making for covered bonds by foreign...more

Banking Agencies Issue FAQ Document Regarding CDOs Backed by TruPS Under the Volcker Rule

On December 19, three federal financial institution regulatory agencies (the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the...more

Liquidity Coverage Ratio Impact on Covered Bonds

On October 23, 2013, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (the “Agencies”) published a notice of proposed rulemaking...more

Rating Agency Developments - June 12, 2013

On June 7, Fitch released its criteria for Japanese CMBS surveillance. On June 6, Fitch released updated EMEA RMBS criteria, including (i) its master rating criteria for EMEA RMBS transactions; (ii) its criteria for...more

A battle over collateral -- If regulators are worried about over-encumbered bank assets, they must look beyond just covered bonds

Originally published in International Financial Law Review in February 2013. Covered bonds’ dual recourse nature makes them a favoured instrument for investors seeking both safety and yield. If the issuing financial...more

Rating Agency Developments - Febuary 04, 2013

On February 1, Fitch updated its methodology for analyzing non-performing loan securitizations. On February 1, Fitch updated the public sector liquidity and spread assumption addendum for its covered bonds criteria....more

Basel Committee on Banking Supervision Endorses Revised Basel III Liquidity Standards for Banks

It was announced on January 6, that the Basel Committee on Banking Supervision’s (BCBS) Group of Governors and Heads of Supervision (GHOS) has endorsed revised Basel III liquidity standards for banks....more

Liquidity Coverage Ratio: New Basel Measurement Published

On January 6, 2013, the Group of Governors and Heads of Supervision (“GHOS”), which oversees the Basel Committee on Banking Supervision (“BCBS”), approved a significantly revised version of the liquidity coverage ratio...more

Bright Outlook for Covered Bonds

This year has proven to be an interesting one for the covered bond market, and we anticipate that 2013 will bring many important new developments. During 2012, the covered bond market continued to provide attractive financing...more

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