COVERED BONDS

摘要

Relative serenity in Italian covered bond spreads in the face of ratings downgrades belies the implausibility of market access for issuers, as the gulf between OBGs and BTPs adds to headline concerns. Moody's downgraded nine Obbligazioni Bancarie Garantite (OBG) programmes to Aa2 from Aa3 last Wednesday, following the downgrade of Italy to Baa3 the previous week.