Covered Bonds

News & Analysis as of

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

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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