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1、MOODYS.COM 15 MARCH 2018 NEWS Europe, Middle East and Africa 39%; and rest of world 27%. The company expects platform diversity to increase the number of crossover utility vehicle and passenger car offerings, particularly in Europe. GKN Drivelines top customer concentration risk is similar to Danas,
2、 with the top three customers contributing 36% of revenue. Yet, with complementary product lines, the combination of Dana and GKN Driveline should support stronger customer and product developed relationships. Timothy Harrod Vice President - Senior Credit Officer +1.212.553.4488 This publication do
3、es not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on for the most updated credit rating action information and rating history. NEWS for example, CME dominates in interest rate futures, whereas ICE has
4、a core strength in CDS and certain energy products. $0$2$4$6$8$10$12$14201520162017CME Group Inc.Intercontinental Exchange, Inc.London Stock Exchange Group plc$ trillionDonald Robertson Senior Vice President +1.212.553.4762 Bruno Baretta Associate Analyst +1.212.553.6032 NEWS & ANALYSIS Credit imp
5、lications of current events 17 MOODYS CREDIT OUTLOOK 12 MARCH 2018 The customer stickiness derived from CMEs and ICEs clearing and trading activities provides them with a substantial degree of control over product and technological innovation, pricing policy and other strategic business decisions, a
6、nd contributes to the strength of their earnings, which are stronger than average for investment-grade US securities industry service providers7 (see Exhibit 2). EXHIBIT 2 Profit margins of CME and ICE substantially exceed the peer average of investment-grade US securities industry service providers
7、 Pre-tax margins, 2014 to nine months to September 2017 Source: Moodys Financial Metrics 7 For more on CMEs and ICEs clearing operations, see our recent report here. 0%10%20%30%40%50%60%70%80%201420152016Nine months to September 2017CMEICEAverage US investment grade service providersNEWS & ANALYSIS
8、Credit implications of current events 18 MOODYS CREDIT OUTLOOK 12 MARCH 2018 Covered Bonds New legislation will strengthen European covered bond legal frameworks On Monday, the European Commission released a legislative proposal to create pan-European Union (EU) covered bond standards. The legislati
9、ve proposal is credit positive because it will introduce mandated minimum credit standards for EU countries national covered bond legal frameworks. The minimum standards will provide a template for the development of covered bond legal frameworks in EU countries where such frameworks are being mater
10、ially revised and improve legal frameworks in cases where national standards are less comprehensive than the proposed EU standard. For countries with well- established covered bond markets that already have high legal standards in place, such as Germany and France, the proposed minimum standards wil
11、l in some cases embed additional protections for covered bond investors into law. Credit-positive standards in the legislative proposal include a requirement that only “high quality” assets can be included in covered bonds, though the term high quality is not defined, which will likely create some a
12、mbiguity (see Exhibit 1). Other credit-positive standards include legal and structural requirements such as a ban on the automatic acceleration of the cover pool on issuer insolvency and asset valuation and enforceability requirements, including for assets outside the EU. EXHIBIT 1 Proposed EU legis
13、lation introduces minimum standards for eligible assets and coverage Proposed EU directive on covered bonds Update to criteria for favourable regulatory treatment under Capital Requirements Regulation Eligible assets Assets listed in amended Capital Requirements Regulation Other high-quality assets
14、meeting certain criteria Assets must be “homogeneous,” which requires, among other things, comparable risk profiles The following assets remain eligible: public- sector claims, substitute assets, residential and commercial loans, guaranteed home loans, shipping loans Securitisation notes no longer e
15、ligible Coverage and overcollateralisation requirements Minimum 100% coverage (including costs) on a nominal basis Minimum 5% overcollateralisation (calculation method not specified), or lower if decided by the national authorities with a 2% floor in a nominal basis Sources: The European Commissions proposed directive and resolution and Moodys Investors Service Most covered bonds also will require minimum over-collateralisation of 5% to qualify for favourable risk capital treatment (see Exhibit 2). Jane Soldera Vice President - Senior Credit Officer +44.20.7772.5318 Elise Lucotte
