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porque esto no ha salio en los papeles no?
REVIEW OF MULTI-ISSUERS COVERED BONDS
Moody's has placed the Aaa ratings of 57 Series of Spanish Covered Bonds issued under multi-issuer
covered bond programmes on review for possible downgrade. The review was prompted by the credit
deterioration of the participants in these Series, which threatens the Aaa rating assigned to the Notes, from
both an expected loss and timeliness payment perspective. These rating actions amow the review of Spanish
multi-issuer programmes announced by Moody's on 12 January 2009 when three Series of Notes were put
on review for possible downgrade.
These transactions represent the securitisation of mortgage Covered Bonds (CHs) issued separately by
Spanish entities, which are bought by a Fund which in turn issues Covered Bonds. Thus, each Series of
Notes is collateralised individually by a pool of Cédulas issued by the different entities. Each Cédula is
backed by the entire entity's mortgage book.
Some of the older deals benefit from credit protection through a reserve fund --as the repayment of the
subordinated loans which funded them rank junior to the Series- which provides a certain element of crosscollateralisation
amongst the Cédulas backing the Series issued by the Funds. Deals since 2005 benefit only
from liquidity facilities to improve the timely payment of interest to cover payment shortfalls stemming from
Cédulas defaulting. However, there is no cross-collateralisation among the Series benefiting only from
liquidity facilities, or among each individual underlying mortgage book backing the Cédulas within each
Series. Consequently, as is the case with other Covered Bonds, Moody's considers the Notes issued under
the multi-issuer programmes to be linked to the credit strength of the underlying issuer, particularly from a
timeliness of payment perspective
Similar to the considerations for Cédulas issued by single issuers, the respective committed levels of OC for
CHs are no longer sufficient under the Expected Loss analysis for some low rated entities to maintain the
current ratings or even lower ratings. Therefore, Moody's will only consider committed OC under its analysis
for such lower rated entities.
Moody's also highlights that some participants of Spanish multi-issuer have not yet been assigned a
monitored rating. As part of its continuing effort to enhance the quality and the accuracy of its covered bond
ratings, Moody's announced in April 2009 that a key criterion in its rating of covered bonds is for the issuing
financial institution to have obtained a monitored rating. (see press release "Moody's: Covered bond issuer
ratings important for accuracy and stability of covered bond ratings" dated 30 April 2009).
The Aaa rating assigned to the amowing Series were put on review for downgrade:
-1) Series A1 (ISIN: ES0371622004) issued under Programa Cédulas TDA, FTA. Assigned Aaa on 8 March
2006
-2) Series A3 (ISIN: ES0371622038) issued under Programa Cédulas TDA, FTA. Assigned Aaa on 23
October 2006
-3) Series A4 (ISIN: ES0371622012) issued under Programa Cédulas TDA, FTA. Assigned Aaa on 10 April
2006
-4) Series A6 (ISIN: ES0371622020) issued under Programa Cédulas TDA, FTA. Assigned Aaa on 10 April
2006
-5) Single Series (ISIN: ES0317019000) issued under CÉDULAS TDA 2, FTA. Assigned Aaa on 26
November 2003
-6) Single Series (ISIN: ES0317043000) issued under CÉDULAS TDA 3, FTA. Assigned Aaa on 3 March
2004
-7) Single Series (ISIN: ES0317044008) issued under CÉDULAS TDA 4, FTA. Assigned Aaa on 16 June
2004
-8) Single Series (ISIN: ES0317045005) issued under CÉDULAS TDA 5, FTA. Assigned Aaa on 29
November 2004
-9) Single Series (ISIN: ES0317046003) issued under CÉDULAS TDA 6, FTA. Assigned Aaa on 23 May
2005
-10) Single Series (ISIN: ES0317047001) issued under CÉDULAS TDA 7, FTA. Assigned Aaa on 20 June
2005
-11) Single Series (ISIN: ES0347859003) issued under IM CÉDULAS 2, FTA. Assigned Aaa on 11 June
2004
-12) Single Series (ISIN: ES0347848006) issued under IM CÉDULAS 4, FTA. Assigned Aaa on 11 March
2005
-13) Single Series (ISIN: ES0362859003) issued under IM CÉDULAS M1, FTA. Assigned Aaa on 2
December 2005
-14) Single Series (ISIN: ES0347784003) issued under IM CÉDULAS 7, FTA. Assigned Aaa on 31 March
2006
-15) Single Series (ISIN: ES0347785000) issued under IM CÉDULAS 9, FTA. Assigned Aaa on 9 June 2006
-16) Single Series (ISIN: ES0349045007) issued under IM CÉDULAS 10, FTA firstly rated Aaa on 21-
February-2007
-17) Single Series (ISIN: ES0347567002) issued under IM CÉDULAS 12, FTA. Assigned Aaa on 21
November 2007
-18) Single Series (ISIN: ES0352961009) issued under AyT Cedulas Cajas, FTA. Assigned Aaa on 20 April
2001
-19) Single Series (ISIN: ES0361002001) issued under AyT Cedulas Cajas III, FTA. Assigned Aaa on 28
June 2002
-20) Single Series (ISIN: ES0312368006) issued under AyT Cedulas Cajas IV, FTA. Assigned Aaa on 13
March 2003
-21) Series A (ISIN: ES0370148001) issued under AyT Cedulas Cajas V, FTA. Assigned Aaa on 4 December
2003
-22) Series B (ISIN: ES0370148019) issued under AyT Cedulas Cajas V, FTA. Assigned Aaa on 4 December
2003
-23) Series A (ISIN: ES0312360003) issued under AyT Cedulas Cajas VI, FTA. Assigned Aaa on 7 April
2004
-24) Series B (ISIN: ES0312360011) issued under AyT Cedulas Cajas VI, FTA. Assigned Aaa on 7 April
2004
-25) Single Series (ISIN: ES0312361001) issued under AyT Cedulas Cajas VII, FTA. Assigned Aaa on
23June2004
-26) Series A (ISIN: ES0312362009) issued under AyT Cedulas Cajas VIII, FTA. Assigned Aaa on 18
November 2004
-27) Series B(ISIN: ES0312362017) issued under AyT Cedulas Cajas VIII, FTA. Assigned Aaa on 18
November 2004
-28) Series A (ISIN: ES0312358007) issued under AyT Cedulas Cajas IX, FTA. Assigned Aaa on 31 March
2005
-29) Series B (ISIN: ES0312358015) issued under AyT Cedulas Cajas IX, FTA. Assigned Aaa on 31 March
2005
-30) Series A (ISIN: ES0312342001) issued under AyT Cedulas Cajas X, FTA. Assigned Aaa on 30 June
2005
-31) Series B (ISIN: ES0312342019) issued under AyT Cedulas Cajas X, FTA. Assigned Aaa on 30 June
2005
-32) Single Series (ISIN: ES0312213004) issued under AyT Cedulas Cajas XI, FTA. Assigned Aaa on 27
November 2007
-33) Series I (ISIN: ES0312298005) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 14
December 2005
-34) Series II (ISIN: ES0312298013) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 14
December 2005
-35) Series III (ISIN: ES0312298021) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 14
December 2005
-36) Series IV (ISIN: ES0312298039) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 22
February 2006
-37) Series V (ISIN: ES0312298047) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 14
March 2006
-38) Series VI (ISIN: ES0312298054) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 24
March 2006
-39) Series VII (ISIN: ES0312298062) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 30
May 2006
-40) Series VIII (ISIN: ES0312298070) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 14
June 2006
-41) Series IX (ISIN: ES0312298088) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 25
October 2006
-42) Series X(ISIN: ES0312298096) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 25
October 2006
-43) Series XI (ISIN: ES0312298104) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 20
December 2006
-44) Series XII (ISIN: ES0312298112) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 21
March 2007
-45) Series XIII (ISIN: ES0312298120) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 23
May 2007
-46) Series XIV (ISIN: ES0312298138) issued under AyT Cédulas Cajas Global, FTA firstly rated Aaa on 23-
May-2007
-47) Series XV (ISIN: ES0312298146) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 11
October 2007
-48) Series XVI (ISIN: ES0312298153) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 23
October 2007
-49) Series XVIII(ISIN: ES0312298179) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 4
August 2008
-50) Series XIX (ISIN: ES0312298187) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 20
October 2008
-51) Series XX (ISIN: ES0312298195) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 24
November 2008
-52) Series XXI (ISIN: ES0312298203) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 15
December 2008
-53) Single Series (ISIN: ES0361005004) issued under AyT.10 Financiación Inversiones. Assigned Aaa on
16 September 2002
-54) Single Series (ISIN: ES0356849002) issued under AyT Prestige Cajas de Ahorros. Assigned Aaa on 17
March 2003
-55) Single Series (ISIN: ES0312375001) issued under AyT Financiación Inversiones II Assigned Aaa on 10
December 2003
-56) Single Series (ISIN: ES0312299003) issued under AyT Financiación Inversiones III. Assigned Aaa on 24
February 2006
-57) Single Series (ISIN: ES0334699008) issued under PROGRAMA PITCH, FTA. Assigned Aaa on 20 July
2007
Moody's initially analysed and currently monitors these transactions using the rating methodology for EMEA
Covered Bond transactions as described in the Rating Methodology reports "Moody's Rating Approach to
European Covered Bond", published in June 2005, "Timely Payment in Covered Bonds amowing Sponsor
Bank Default", published in March 2008 and "Assessing Swaps as Hedges in the Covered Bond Market",
published in September 2008. All can be found on www.moodys.com in the Credit Policy & Methodologies
directory, within the Ratings Methodologies subdirectory. Other methodologies and factors that may have
been considered in the process of rating this issue can also be found in the Credit Policy & Methodologies
directory.
The ratings assigned by Moody's address the expected loss posed to investors. Moody's ratings address
only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may
have a significant effect on yield to investors.
os acordais del hilo de pitch??http://www.burbuja.info/inmobiliari...000-millones-en-el-santander-fondo-pitch.html
REVIEW OF MULTI-ISSUERS COVERED BONDS
Moody's has placed the Aaa ratings of 57 Series of Spanish Covered Bonds issued under multi-issuer
covered bond programmes on review for possible downgrade. The review was prompted by the credit
deterioration of the participants in these Series, which threatens the Aaa rating assigned to the Notes, from
both an expected loss and timeliness payment perspective. These rating actions amow the review of Spanish
multi-issuer programmes announced by Moody's on 12 January 2009 when three Series of Notes were put
on review for possible downgrade.
These transactions represent the securitisation of mortgage Covered Bonds (CHs) issued separately by
Spanish entities, which are bought by a Fund which in turn issues Covered Bonds. Thus, each Series of
Notes is collateralised individually by a pool of Cédulas issued by the different entities. Each Cédula is
backed by the entire entity's mortgage book.
Some of the older deals benefit from credit protection through a reserve fund --as the repayment of the
subordinated loans which funded them rank junior to the Series- which provides a certain element of crosscollateralisation
amongst the Cédulas backing the Series issued by the Funds. Deals since 2005 benefit only
from liquidity facilities to improve the timely payment of interest to cover payment shortfalls stemming from
Cédulas defaulting. However, there is no cross-collateralisation among the Series benefiting only from
liquidity facilities, or among each individual underlying mortgage book backing the Cédulas within each
Series. Consequently, as is the case with other Covered Bonds, Moody's considers the Notes issued under
the multi-issuer programmes to be linked to the credit strength of the underlying issuer, particularly from a
timeliness of payment perspective
Similar to the considerations for Cédulas issued by single issuers, the respective committed levels of OC for
CHs are no longer sufficient under the Expected Loss analysis for some low rated entities to maintain the
current ratings or even lower ratings. Therefore, Moody's will only consider committed OC under its analysis
for such lower rated entities.
Moody's also highlights that some participants of Spanish multi-issuer have not yet been assigned a
monitored rating. As part of its continuing effort to enhance the quality and the accuracy of its covered bond
ratings, Moody's announced in April 2009 that a key criterion in its rating of covered bonds is for the issuing
financial institution to have obtained a monitored rating. (see press release "Moody's: Covered bond issuer
ratings important for accuracy and stability of covered bond ratings" dated 30 April 2009).
The Aaa rating assigned to the amowing Series were put on review for downgrade:
-1) Series A1 (ISIN: ES0371622004) issued under Programa Cédulas TDA, FTA. Assigned Aaa on 8 March
2006
-2) Series A3 (ISIN: ES0371622038) issued under Programa Cédulas TDA, FTA. Assigned Aaa on 23
October 2006
-3) Series A4 (ISIN: ES0371622012) issued under Programa Cédulas TDA, FTA. Assigned Aaa on 10 April
2006
-4) Series A6 (ISIN: ES0371622020) issued under Programa Cédulas TDA, FTA. Assigned Aaa on 10 April
2006
-5) Single Series (ISIN: ES0317019000) issued under CÉDULAS TDA 2, FTA. Assigned Aaa on 26
November 2003
-6) Single Series (ISIN: ES0317043000) issued under CÉDULAS TDA 3, FTA. Assigned Aaa on 3 March
2004
-7) Single Series (ISIN: ES0317044008) issued under CÉDULAS TDA 4, FTA. Assigned Aaa on 16 June
2004
-8) Single Series (ISIN: ES0317045005) issued under CÉDULAS TDA 5, FTA. Assigned Aaa on 29
November 2004
-9) Single Series (ISIN: ES0317046003) issued under CÉDULAS TDA 6, FTA. Assigned Aaa on 23 May
2005
-10) Single Series (ISIN: ES0317047001) issued under CÉDULAS TDA 7, FTA. Assigned Aaa on 20 June
2005
-11) Single Series (ISIN: ES0347859003) issued under IM CÉDULAS 2, FTA. Assigned Aaa on 11 June
2004
-12) Single Series (ISIN: ES0347848006) issued under IM CÉDULAS 4, FTA. Assigned Aaa on 11 March
2005
-13) Single Series (ISIN: ES0362859003) issued under IM CÉDULAS M1, FTA. Assigned Aaa on 2
December 2005
-14) Single Series (ISIN: ES0347784003) issued under IM CÉDULAS 7, FTA. Assigned Aaa on 31 March
2006
-15) Single Series (ISIN: ES0347785000) issued under IM CÉDULAS 9, FTA. Assigned Aaa on 9 June 2006
-16) Single Series (ISIN: ES0349045007) issued under IM CÉDULAS 10, FTA firstly rated Aaa on 21-
February-2007
-17) Single Series (ISIN: ES0347567002) issued under IM CÉDULAS 12, FTA. Assigned Aaa on 21
November 2007
-18) Single Series (ISIN: ES0352961009) issued under AyT Cedulas Cajas, FTA. Assigned Aaa on 20 April
2001
-19) Single Series (ISIN: ES0361002001) issued under AyT Cedulas Cajas III, FTA. Assigned Aaa on 28
June 2002
-20) Single Series (ISIN: ES0312368006) issued under AyT Cedulas Cajas IV, FTA. Assigned Aaa on 13
March 2003
-21) Series A (ISIN: ES0370148001) issued under AyT Cedulas Cajas V, FTA. Assigned Aaa on 4 December
2003
-22) Series B (ISIN: ES0370148019) issued under AyT Cedulas Cajas V, FTA. Assigned Aaa on 4 December
2003
-23) Series A (ISIN: ES0312360003) issued under AyT Cedulas Cajas VI, FTA. Assigned Aaa on 7 April
2004
-24) Series B (ISIN: ES0312360011) issued under AyT Cedulas Cajas VI, FTA. Assigned Aaa on 7 April
2004
-25) Single Series (ISIN: ES0312361001) issued under AyT Cedulas Cajas VII, FTA. Assigned Aaa on
23June2004
-26) Series A (ISIN: ES0312362009) issued under AyT Cedulas Cajas VIII, FTA. Assigned Aaa on 18
November 2004
-27) Series B(ISIN: ES0312362017) issued under AyT Cedulas Cajas VIII, FTA. Assigned Aaa on 18
November 2004
-28) Series A (ISIN: ES0312358007) issued under AyT Cedulas Cajas IX, FTA. Assigned Aaa on 31 March
2005
-29) Series B (ISIN: ES0312358015) issued under AyT Cedulas Cajas IX, FTA. Assigned Aaa on 31 March
2005
-30) Series A (ISIN: ES0312342001) issued under AyT Cedulas Cajas X, FTA. Assigned Aaa on 30 June
2005
-31) Series B (ISIN: ES0312342019) issued under AyT Cedulas Cajas X, FTA. Assigned Aaa on 30 June
2005
-32) Single Series (ISIN: ES0312213004) issued under AyT Cedulas Cajas XI, FTA. Assigned Aaa on 27
November 2007
-33) Series I (ISIN: ES0312298005) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 14
December 2005
-34) Series II (ISIN: ES0312298013) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 14
December 2005
-35) Series III (ISIN: ES0312298021) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 14
December 2005
-36) Series IV (ISIN: ES0312298039) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 22
February 2006
-37) Series V (ISIN: ES0312298047) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 14
March 2006
-38) Series VI (ISIN: ES0312298054) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 24
March 2006
-39) Series VII (ISIN: ES0312298062) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 30
May 2006
-40) Series VIII (ISIN: ES0312298070) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 14
June 2006
-41) Series IX (ISIN: ES0312298088) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 25
October 2006
-42) Series X(ISIN: ES0312298096) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 25
October 2006
-43) Series XI (ISIN: ES0312298104) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 20
December 2006
-44) Series XII (ISIN: ES0312298112) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 21
March 2007
-45) Series XIII (ISIN: ES0312298120) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 23
May 2007
-46) Series XIV (ISIN: ES0312298138) issued under AyT Cédulas Cajas Global, FTA firstly rated Aaa on 23-
May-2007
-47) Series XV (ISIN: ES0312298146) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 11
October 2007
-48) Series XVI (ISIN: ES0312298153) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 23
October 2007
-49) Series XVIII(ISIN: ES0312298179) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 4
August 2008
-50) Series XIX (ISIN: ES0312298187) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 20
October 2008
-51) Series XX (ISIN: ES0312298195) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 24
November 2008
-52) Series XXI (ISIN: ES0312298203) issued under AyT Cédulas Cajas Global, FTA. Assigned Aaa on 15
December 2008
-53) Single Series (ISIN: ES0361005004) issued under AyT.10 Financiación Inversiones. Assigned Aaa on
16 September 2002
-54) Single Series (ISIN: ES0356849002) issued under AyT Prestige Cajas de Ahorros. Assigned Aaa on 17
March 2003
-55) Single Series (ISIN: ES0312375001) issued under AyT Financiación Inversiones II Assigned Aaa on 10
December 2003
-56) Single Series (ISIN: ES0312299003) issued under AyT Financiación Inversiones III. Assigned Aaa on 24
February 2006
-57) Single Series (ISIN: ES0334699008) issued under PROGRAMA PITCH, FTA. Assigned Aaa on 20 July
2007
Moody's initially analysed and currently monitors these transactions using the rating methodology for EMEA
Covered Bond transactions as described in the Rating Methodology reports "Moody's Rating Approach to
European Covered Bond", published in June 2005, "Timely Payment in Covered Bonds amowing Sponsor
Bank Default", published in March 2008 and "Assessing Swaps as Hedges in the Covered Bond Market",
published in September 2008. All can be found on www.moodys.com in the Credit Policy & Methodologies
directory, within the Ratings Methodologies subdirectory. Other methodologies and factors that may have
been considered in the process of rating this issue can also be found in the Credit Policy & Methodologies
directory.
The ratings assigned by Moody's address the expected loss posed to investors. Moody's ratings address
only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may
have a significant effect on yield to investors.
os acordais del hilo de pitch??http://www.burbuja.info/inmobiliari...000-millones-en-el-santander-fondo-pitch.html
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