“Ratings agencies are becoming more and more demanding in terms of the amount of information needed to rate covered bonds,” says Andrea Montanari, a director in UBS’s DCM department, who was previously responsible for covered bonds at Fitch Ratings. “Apart from the customary quarterly surveillance, agencies are in some cases trying to get information on an even tighter frequency.”
In fairness, supplying the right information on a covered bond issue is a key factor in the deal’s success.
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