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CBIC issuesCBIC submits response to Moody's request for comments
21 October 2013 The Covered Bonds Investors Council has submitted a letter in response to Moody’s request for comments: "Approach to Determining the Issuer Anchor Point for Covered Bonds".
To view the response, click here.
A new CBIC working group to be established
The Covered Bond markets have shown continuing growth in recent years, both in terms of volume as well as geography. As the market keeps growing including in terms of diversity and products, the CBIC wants to keep pace with new developments and is therefore setting up a new working group. This group will deal with existing and; if and when the need arises, new and innovative Covered Bond structures. The aim of the working group is to increase the understanding of the nature of the specific innovation and to put it into context within already established structures and/or legislation.
The ultimate goal is not to come up with an individual CBIC definition of what constitutes a Covered Bond but to have a comprehensive set of criteria at hand for investors to decide whether a new product which calls itself a Covered bond is eligible for their individual Covered Bond portfolios/mandates. Accordingly, we call our new working group “Cola” – “Covered Bond look alike”.
The new working group is also open to a dialogue with issuers ahead of a possible launch of any product which is planned to be named a Covered Bond. We also aim to establish this working group for entering into a dialogue with the relevant bond index providers when it comes to classifying new products.
We invite all investors with a dedicated interest in this asset class to take part. The new working group will be chaired by Ralf Burmeister, bringing in 14 years of experience in the industry and drawing on his research background.
CBIC statement regarding covered bond rating methodologies in the challenging environment
The CBIC has issued a statement to the rating agencies based on discussions within its membership.
CBIC - European Transparency Standards
Investors have been asked many times by issuers, in different contexts, what their information needs are. So far there has been no single answer to this question but following the growth of the covered bond market there has been an increased fragmentation in the information provided by issuers.
Therefore the CBIC set-up a transparency working group which has tried to indentify key information investors in covered bonds would need to make better informed investment decisions.
A public consultation was launched on April 14, all documents are available here.
The CBIC is currently conducting its second round of consultation with its membership and the respondents to the consultation. Click here for more information.
CBIC statement on the on-going usage of ‘shadow / IOI’ books
The financial crisis and the high degree of uncertainty in the capital markets justified closer direct communication between issuers and investors. Investors fully understood their responsibility to support the Jumbo Covered Bond Market and gave very detailed guidance for successful deals in addition to the book-building process. A well-functioning primary market is in the interest of all market participants.
The traditional official opening of a primary book and pricing the following day is not in fact different from the currently used shadow book building with screen announcements, official opening and pricing the subsequent day. However the use of the shadow book building process means that the opening of the book is limited to a few hours compared to a whole day in the traditional book building process. This restricted opening time limits the scope of investors to evaluate the information provided on new issues. This is also damaging in the case of smaller investors who may not be pre-sounded.
CBIC also wants to draw attention to the increased risk of regulatory “inside information” concerns that arise from the current use of shadow book building.
In light of these observations, the CBIC urges issuers and their lead managers to return to using the traditional book-building process rather than the shadow book building process. The CBIC recommends the adoption of a longer fixed timeframe during which books would be open rather than the over hasty closing of books.