Fitch Publishes 1Q16 APAC Covered Bonds Quarterly

(The following statement was released by the rating agency)Link to Fitch Ratings' Report: APAC Covered Bonds Quarterly - 1Q16https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=881468SYDNEY, May 16 (Fitch) Fitch Ratings rates the AUD8bn of covered bonds issued by Australia's four major banks in the first quarter of 2016 'AAA'/Stable. Issuance during the quarter was up 51.8% yoy, the highest level since 1Q12. Macquarie Bank Limited (MBL, A/Stable/F1) issued its first EUR500m five-year covered bond from its programme, rated 'AAA'/Stable by Fitch. Further issuance was also seen from New Zealand and South Korea.The credit quality of the cover pools securing the bonds remains stable. Only two issuers increased the outstanding value of their cover pools with a transfer of mortgage loans. While the transferred loans exhibited higher loan-to-value ratios, they did not significantly deteriorate the pools' overall credit risk. This is due to the large value of well-seasoned and lower loan-to-value ratio loans already in the cover pools. The APAC Covered Bonds Quarterly includes aggregate information on the 13 programmes publicly rated by Fitch, grouped by each country and the individual statistics of each programme. It also includes links to individual covered bond programme research and the latest reports relevant to the Asia-Pacific region. Data reported in the APAC Covered Bonds Quarterly - 1Q16 is at 31 March 2016. The report can be accessed at www.fitchratings.com or via the link above.Contacts:Claire HeatonSenior Director+61 2 8256 0361Fitch Australia Pty Ltd., Level 15, 77 King Street, Sydney NSW 2000Ben McCarthyManaging Director+61 2 8256 0388Vickie BrumwellSenior Director+ 61 2 8256 0305Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com.Additional information is available on www.fitchratings.comALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S FREE WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Fitch Australia Pty Ltd holds an Australian financial services licence (AFS licence no. 337123) which authorises it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001.