Select Framework(s)
Results are displayed below
- Australia
- Australian Covered Bonds
- Austria
- FBS - Fundierte Bankschuldverschreibungen
- Pfandbriefe
- Belgium
- Belgium Covered Bonds
- Brazil
- Brazil Covered Bonds
- Bulgaria
- Bulgarian Covered Bonds
- Canada
- Canadian Covered Bonds
- Chile
- Bonos Hipotecarios (BH) - Chilean Covered Bonds
- Cyprus
- Cypriot Covered Bonds
- Czech Republic
- Czech Republic Covered Bonds
- Denmark
- Realkreditobligationer - RO
- Særligt Dækkede Obligationer - SDO
- Særligt Dækkede Realkreditobligationer - SDRO
- Estonia
- Estionian Covered Bonds
- Finland
- Finnish Covered Bonds
- France
- Caisse de Refinancement de l'Habitat - CRH
- General Law Based CBs
- Obligations Foncières - OF
- Obligations à l'Habitat - OH
- Germany
- Pfandbriefe
- Greece
- Greek Covered Bonds
- Hungary
- Hungarian Covered Bonds
- Iceland
- Icelandic Covered Bonds
- Ireland
- Asset Covered Securities - ACS
- Italy
- Obbligazioni Bancarie Garantite - OBG
- Luxembourg
- Lettres de Gage hypothécaires
- Lettres de Gage mobilières
- Lettres de Gage mutuelles
- Lettres de Gage publiques
- Netherlands
- Dutch registered CBs programmes
- New Zealand
- New Zealand Covered Bonds
- Norway
- Norwegian Covered Bonds
- Poland
- Polish Covered Bonds
- Portugal
- Mortgage CB (Obrigações Hipotecárias)
- Public Sector CB (Obrigações sobre o Sector Público)
- Romania
- Obligatiuni Ipotecare - Mortgage Covered Bonds
- Russia
- Mortgage Obligations
- Singapore
- Singapore Covered Bonds
- Slovakia
- Slovakian Covered Bonds
- Slovenia
- Slovenian Covered Bonds
- South Korea
- South Korean Covered Bonds
- Spain
- Cédulas Hipotecarias - CH
- Sweden
- Swedish Covered Bonds
- Switzerland
- Swiss Pfandbriefe
- Contractual Covered Bonds
- Credit Suisse CB
- UBS CB
- Valiant
- Turkey
- Turkish Covered Bonds
- United Kingdom
- Regulated Covered Bonds - RCB
- Unregulated Covered Bonds
- United States
- US Covered Bonds
Select Chapter(s)
- I. STRUCTURE OF THE ISSUER
- II. FRAMEWORK
- III. COVER ASSETS
- IV. VALUATION OF THE MORTGAGE COVER POOL & LTV CRITERIA
- V. ASSET-LIABILITY GUIDELINES
- VI. COVER POOL MONITOR & BANKING SUPERVISION
- VII. SEGREGATION OF ASSETS & BANKRUPTCY REMOTENESS OF COVERED BONDS
- VIII. RISK WEIGHTING & COMPLIANCE WITH EUROPEAN LEGISLATION
- IX. ADDITIONAL INFORMATION
Questions | Credit Suisse CB |
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I. STRUCTURE OF THE ISSUER | |
1. Who is the issuer? |
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2. Does the bondholder have recourse to the credit institution? |
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3. Who owns the cover assets? |
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(1) Comments: The SPE is consolidated with the issuer for accounting purposes, the transfer exists only to ensure legal asset segregation. | |
4. Is the issuer the originator of the assets? |
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II. FRAMEWORK | |
1. Are the bonds governed by a special covered bond Legislation? |
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2. What is the legal framework for bankruptcy of the issuer of covered bonds? |
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III. COVER ASSETS | |
1. What types of assets may be included in cover pools? |
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(2) Comments: Up to 15% of cover pool can be substitute assets. | |
2. What is the geographical scope for public sector assets? | |
(3) Comments: n.a. | |
3. What is the geographical scope for mortgage assets? |
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4. Are regular covered bond specific disclosure requirements to the public mandatory? |
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(4) Comments: Although, in the absence of a law there is no mandatory reporting requirement both of the issuers to date have committed to provide detailed and regular disclosure. | |
IV. VALUATION OF THE MORTGAGE COVER POOL & LTV CRITERIA | |
1. LTV is calculated using which valuation?[4] |
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2. Are there any special LTV limits used solely for calculating collateralisation rates for the cover pool (if yes, specify)? |
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(5) Comments: Credit Suisse allows mortgages with a higher LTV in the pool but only gives credit for the first 70%. | |
3. Do bondholders get the benefit of that portion of the loan which exceeds the LTV cap? |
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4a. Is there an LTV cap which makes the entire loan ineligible to be put in the cover pool (if yes, specify)? |
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(6) Comments: 100% | |
4b. Is there an LTV cap which would require a loan to be removed from the cover pool? |
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(7) Comments: As above. | |
5. Is there any additional LTV limit on a portfolio basis? |
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V. ASSET-LIABILITY GUIDELINES | |
. Exposure to market risk | |
1. Is exposure to market risk (e.g. interest rate, currency risks) required to be mitigated by law or contract? |
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2. What is the primary method for the mitigation of market risk? |
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3. If the answer to the above question on market risk mitigation is “Use of derivative hedge instruments”, please specify whether those instruments are entered into: |
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(8) Comments: Hedges are entered into at incepation although cashflows, other than under a CSA are contingent on a trigger event. | |
4. What type of coverage test is applied? |
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5. What is the frequency of coverage calculations? |
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6. What types of stress scenarios are applied? |
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7. What is the frequency of stress test calculations? |
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. Exposure to liquidity risk | |
8. Is exposure to liquidity risk required to be mitigated by law or contract? |
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9. What is the primary method for the mitigation of liquidity risk on interest payments? |
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10. What is the primary method for the mitigation of liquidity risk on principal payments? |
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11. Is there any grace period in case of a breach of liquidity risk mitigants? |
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(9) Comments: A breach of the pre-maturity test gives the Guarantor the right to take action immediately. | |
12. What is the consequence of not fixing a breach of liquidity risk mitigants? |
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. Monitoring of exposures to market and liquidity risk | |
13. Who monitors the maintenance of coverage tests? |
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14. Are there any regular public reporting requirements for market and liquidity risk? |
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(10) Comments: By issuer commitment rather than by statute. | |
. Overcollateralisation | |
15. Is mandatory minimum overcollateralisation required? |
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16. What is the level of minimum mandatory overcollateralisation? |
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(11) Comments: Via the asset percentage term in the ACT. | |
17. If mandatory overcollateralisation is required, are the amounts above the minimum OC level protected? |
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18. Is there any grace period in case of a breach of the coverage test? |
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(12) Comments: De facto 1 month. A breach will occur if the ACT is not met on two consecuritve test dates. | |
19. What is the consequence of not fixing a breach of the coverage test? |
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(13) Comments: Inter alia cashflows are redirected after a breach occurs. If this breach is not rsolved by the next Test Date (one month later) an Issuer EOD occurs. | |
VI. COVER POOL MONITOR & BANKING SUPERVISION | |
1. Is a special license required for the issuing of covered bonds? |
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2. Are there special reporting duties of the covered bond issuer to the supervision authority concerning covered bonds and the cover pool, which go beyond the regular banking supervision? |
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3. What is the role of the banking supervision regarding covered bonds? |
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4. Is there a special role of banking supervision in crisis regarding covered bonds? |
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5. Is there a cover pool monitor independent from the issuer? |
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6. If there is an independent cover pool monitor, what are its duties? |
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VII. SEGREGATION OF ASSETS & BANKRUPTCY REMOTENESS OF COVERED BONDS | |
1. Do covered bonds automatically accelerate when the credit institution goes insolvent? |
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2. What is the cover pool? |
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3. How are the covered bondholders protected against claims from other creditors in case of insolvency of the issuer? |
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4. Is there recourse to the credit institution’s insolvency estate upon a cover pool default? |
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5. Are there provisions that require derivatives to continue in case of insolvency of the credit institution? |
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6. If derivatives are permitted in the cover pool, what is their ranking? |
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VIII. RISK WEIGHTING & COMPLIANCE WITH EUROPEAN LEGISLATION | |
1. Does the covered bond fulfil the criteria of UCITS 52(4)? |
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2. For further information regarding the compliance to the criteria of Article 129 of the Capital Requirements Regulation (CRR), please see the following links: http://ecbc.hypo.org/Content/default.asp?PageID=504#position https://www.coveredbondlabel.com | |
3. Are listed covered bonds eligible in repo transactions with the national central bank? |
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4. Are there any special investment regulations regarding covered bonds? |
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IX. ADDITIONAL INFORMATION | |
1. Link to National Association representing covered bond interests |
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2. Link to national regulators and supervisors | |
3. Fact Book Country Chapter |
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4. Hypostat Country Chapter |
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