Fitch Ratings launched a number of changes to its CDO SMART surveillance Web page, which is designed to enhance the level of disclosure on a multi-issuer of covered bonds deals.

Multi-issuer of covered bonds are structured finance transactions that employ a special purpose vehicle to acquire covered bonds issued by financial institutions. The SPV issues notes to end investors that are backed by that portfolio of covered bonds.

The new features include a breakdown of the issuing financial institutions participating in each transaction, including their Issuer Default Ratings (IDRs) and amounts issued. They also have information on the cover pool characteristics such as total and eligible mortgage pool outstanding amounts and cover pool ratios.

Aggregated cover pool information is received on a quarterly basis and details including residential, commercial and real estate developer sub-pools, regional concentration and arrears levels are also displayed.

"Fitch's enhanced multi-issuer Cedulas SMART page allows investors to quickly view exposures by cedulas hipotecarias issuers, cover pool collateralization levels, as well as regional exposures for each participant in the structure," said Jeffery Cromartie, senior director in Fitch's European structured credit team. "Detailed information regarding the issuer performance, ratings, and coverage levels provides a transparent and intuitive picture of credit risk across these structures."

Currently Fitch rates 54 classes issued by 24 SPVs in Spain known as multi-issuer CH. These transactions have to date been sponsored and managed by three of the largest securitization specialist institutions in Spain (gestoras) — Ahorro y Titulizacion (AyT), InterMoney (IM) and Titulizacion de Activos (TdA).

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