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English to Chinese: 欧洲抵押债券 Detailed field: Finance (general)
Source text - English EU R O P E A N C O V E R E D B O N D S
Surveillance
With the permanent replenishing of the collateral pool, S&P constantly monitors the maintenance of the quality of the collateral pool. Furthermore, underwriting and risk management as well as sufficient over-collateralisation are also reviewed on a regular basis. The reporting frequency is linked to the economic soundness, credit quality and counterparty rating of the issuer. The frequency can vary between quarterly and weekly reporting. If the issuance of a new bond were to substantially change the liability cash flow structure, the issuer might be forced to apply for a rating approval prior to any new issuance.
Issuer’s scope
For issuers, the most important consequence of the structured finance approach is that they can to a certain extent directly influence the rating of their CB by providing the required degree of over-collateralisation. It also means a weakening of the unsecured rating of the issuer or of its parent company has no immediate effect upon the CB rating. As long as the issuer provides the over-collateralisation required by S&P, its CB will able to retain the target rating, which so far has always been ‘AAA’.
In this context, the issuers also have the opportunity to employ S&P’s covered bond monitor, enabling them to evaluate the impact of any subsequent restructuring of the cover pool. This would not only help them to achieve the most efficient collateral pool composition and funding solution, but the model will also quantitatively assess whether under the various scenarios the current CB rating can still be achieved. Finally, the covered bond monitor enables users to view the data and criteria – such as stress assumptions – used by the agency when performing quantitative analysis.
Due to the product’s dynamic nature, the long maturity of CBs and the limited transparency usually available in the market, S&P expects issuers to voluntarily provide a high level of information regarding the credit structure as well as the liquidity and market risks associated with the collateral pool. Additionally, issuers should disclose information about the envisaged development of the risk profile of the collateral pool. This could also include specific self-commitments limiting the risk profile to some extent in certain areas. Indeed, issuers must commit to maintaining the respective risk profile with regard to the cover pool and the asset liability matching and to buffer for risks commensurate with the targeted rating. Such statements are required by S&P to provide ‘AAA’ ratings for CBs and to draw confidence about the long-term stability of the covered bond rating.
Source: S&P, Bloomberg, ABN AMRO
LIQU I D CO V E R E D BOND S 14 JU N E 2 006
Translation - Chinese 欧洲抵押债券
监督
由于抵押池的不断补充，标准普尔对抵押池的质量维护进行持续监控。此外，标准普尔还定期检查承销、风险管理以及超额抵押的充足情况。报告频率与经济健全程度、信用质量及交易对手对发行人的评级有关。报告频率介于每个季度报告一次与每个星期报告一次之间。如果一个新债券的发行会对负债现金流结构产生重大改变，可以强制发行人在发行之前申请评级批准。
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