Moody’s upgraded the rating of covered bonds issued by Aktia Real Estate Mortgage Bank (REMB) from Aa2 to Aaa yesterday (Thursday), following the introduction of Counterparty Risk (CR) assessments to its methodology.

Moody’s upgraded Aktia Real Estate Mortgage Bank covered bonds from Aa3 to Aa2 on Tuesday after designating the covered bond anchor point the senior unsecured rating plus one notch.

Finland’s savings and cooperative banking groups are exploring covered bonds as a funding tool, although no decisions have been made, representatives of the banks told Nordic FIs & Covered.

Aktia Bank sold a Eu500m no-grow five year covered bond on Monday, successfully inaugurating a new programme the Finnish group has set up to take over its covered bond funding from Aktia Real Estate Mortgage Bank.