Covered Bonds

Covered Bonds

AXA Bank Belgium, (rated A+/A-1, Stable Outlook by S&P and A2/P-1, Negative Outlook by Moody’s) is part of the AXA Group.

AXA Bank Belgium is a significant player in the Belgian mortgage market with a market share of approximately 8% in mortgage loans. As part of AXA Group strategy, AXA Bank Belgium has developed its own funding platform based on the French obligations foncières law. The obligations foncières are issued by AXA Bank Europe SCF.

Initially, the assets of AXA Bank Europe SCF were predominantly AAA-rated RMBS (Royal Street Compartments 2 and 3) backed by a portfolio of prime Belgian residential mortgage loans originated and serviced by AXA Bank Belgium. In December 2017, RMBS were replaced by a Direct Sale of Belgian mortgage loans from AXA Bank Belgium to AXA Bank Europe SCF.

Since November 2014, the assets of AXA Bank Europe SCF also comprise mortgage promissory notes backed by guaranteed French residential home loans originated by AXA Banque in France. The underlying residential home loans are guaranteed by Crédit Logement.

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