Available credit enhancement 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 variable and fixed liabilities partially mitigates interest rate risk. No commitment to maintain the available overcollateralization in the cover pool above the legal minimum. Around 1.5% 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, just before insolvency, if CaixaBank were to become insolvent. We address this risk in our cashflow analysis. S&P Global Ratings' stable outlook
