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Abstract: | The cover pool comprises well-seasoned Finnish mortgage loans with lower current loan-to-value (LTV) ratios than other specialized mortgage lenders in the Nordics. The bonds' soft-bullet repayment profile mitigates short-term liquidity risk. The structure benefits from a public commitment by the issuer to maintain overcollateralization consistent with a 'AAA' rating. Concentration of mortgages in the South of Finland, which we have considered to determine default frequency. About 90% of the pool comprises loans to housing companies, which we view as a higher risk to the program's creditworthiness than residential mortgages. S&P Global Ratings' stable outlook on the 'AAA' ratings on the Mortgage Society of Finland's ("Suomen Hypoteekkiyhdistys"; Hypo) CBA mortgage covered bond program and related covered bond issuances reflects one unused |
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Brief Excerpt: | ...+ The cover pool comprises well-seasoned Finnish mortgage loans with lower current loan-to-value (LTV) ratios than other specialized mortgage lenders in the Nordics. + The bonds' soft-bullet repayment profile mitigates short-term liquidity risk. + The structure benefits from a public commitment by the issuer to maintain overcollateralization consistent with a '###' rating.... |
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Report Type: | Transaction Update Report |
Issuer | |
GICS | Thrifts & Mortgage Finance (40102010) |
Sector | Global Issuers, Structured Finance |
Country | |
Region | Europe, Middle East, Africa |
Format: | PDF |  |
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