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News ArchiveSwedish issuers on tour The seven Swedish issuers of covered bonds made in April a joint road show in Frankfurt, Munich and Paris. Presentations were made by Mattias Persson, Head of the Department for Financial Stability at the Riksbank, Robert Bergqvist, chief economist at SEB, Mattias Lampe, partner Mannheimer Swartling law firm and Per Tunestam, Head of Treasury, SBAB. The presentations concerned the Swedish economy, the housing market, the covered bond market, the legal framework and the credit infrastructure.The presentations as well as some additional information can be found on the following link. The overall importance of Swedish Covered Bonds for Sweden » ASCB Roadshow April 2011, the Swedish Credit Infrastructure » The Swedish Covered Bond Market » ASCB and Swedbank hosted ECBC ECBC´s plenary meeting on31 March took place in Stockholm at the head offices of Swedbank. Theconference attracted close to 200 participants. Key speeches weredelivered by Lars Nyberg, the Riksbank and Michel Stubbe, ECB. ASCB on new liquidity regulations ASCB proposes changes to the EU CRD IV proposal for new liquidity regulations. In a joint document together with the associations in Denmark, Germany, Norway and Poland ASCB has proposed specific changes in the definition of liquid assets in the draft capital requirements regulations. According to the proposal covered bonds fulfilling certain criteria should be eligible for the liquidity buffer. S&P: Swedish covered bonds in Category 1 S&P has revised its assumptions for classifying Swedish covered bonds and assign covered bonds issued by Swedish banks to Category 1. The recategorization follows a review of the implementation of the amendment of the Covered Bond Issuance Act, which clarifies the increased number of funding options available to a Swedish covered bond program. This should be seen in combination with the high systemic importance of covered bonds in Sweden. The Swedish Parliament approves bill The SwedishParliament approved on 21 April the Government´s bill with amendments of the Covered Bond Issuance Act. It decided that the amendments willenter into force on 1 June 2010. An English version ASCB on CRD-changes ASCB has commented on the consultations from the Basel Committee and theEU-Commission on possible changes to the capital requirements framework. Recommendation on LTV-calculation The ASCB has together with the Swedish Bankers´ Association issued a recommendation to the Swedish issuers of covered bonds on how to calculate and present the LTV for cover pools. The method should be supplemented with a diagram. A description of the Mortgage Deed System is included. LTV for Swedish Covered Bond Pools » The Mortgage ASCB critises S&P ASCB welcomes the publication of S&Ps Revised Methodology following an extended review period by the agency. - We note that S&P has addressed some of the inadequacies of the original approach by allowing a greater degree of potential for an increase of the covered bond rating, says Tomas Tetzell, Chief Legal Officer, Association of Swedish Covered Bond issuers. ASCB's Press Release |