Early last month, the association of German Pfandbrief banks (Verband Deutscher Pfandbriefbanken – VDP) met to discuss the ratings agencies’ methodology for rating covered bonds. The members of the VDP feel that the type of data asked for by the agencies, specifically that relating to the cover pools, is overly constricting in terms of the amount of time and investment required to provide it.
The role of ratings agencies in the covered bond market has become increasingly central as the product has grown away from its German roots.
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