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| Abstract: | Available credit enhancement well exceeds the credit enhancement required at the current rating level. The cover pool predominantly comprises highly seasoned residential loans with low loan-to-value (LTV) ratios. The limited mismatch between the share of variable and fixed assets and liabilities partially mitigates interest rate risk. No commitment to maintain the available overcollateralization in the cover pool above the legal minimum. Around 3.3% of the covered bonds are U.S. dollar-denominated, exposing the program to foreign exchange risk. Cash belonging to the cover pool could be mixed with cash belonging to the issuer and could be lost if CaixaBank were to become insolvent. S&P Global Ratings' stable outlook on its ratings on the mortgage covered bonds ("cedulas hipotecarias") issued by Spain-based |
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| Brief Excerpt: | ...+ Available credit enhancement well exceeds the credit enhancement required at the current rating level. + The cover pool predominantly comprises highly seasoned residential loans with low loan-to-value (LTV) ratios. + The limited mismatch between the share of variable and fixed assets and liabilities partially mitigates interest rate risk.... |
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| Report Type: | Transaction Update Report |
| Ticker | CRI@SM |
| Issuer | |
| GICS | Diversified Banks (40101010) |
| Sector | Global Issuers, Structured Finance |
| Country | |
| Region | Europe, Middle East, Africa |
| Format: | | PDF |  |
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