Moody’s has published the first of what it says will be regular spreadsheets compiling quarterly performance overviews of Spanish multi-cédulas, in a move driven by investors and intended to improve transparency, according to an analyst at the rating agency.

The rating agency yesterday (Monday) published its first such summary spreadsheet, an Excel file that compiles individual multi-cédulas quarterly performance overviews and includes information on all programmes and series rated by Moody’s, and key credit figures on participating issuers’ cover pools.

“The primary purpose of this document is to improve the transparency of the key quantitative measures of Spanish multi-issuer participants,” said Moody’s.

José de Leon, senior vice president at Moody’s, told The Covered Bond Report that although the information contained in the summary spreadsheet is available in individual performance overviews, the Excel file helps users quickly look up each issuer they are interested in or at series they want to analyse.

“This has been driven by investor demand and we intend to update it quarterly,” he said.

The summary spreadsheet presents historical values going back to 2008, according to de Leon.

He said that the report compiles all information published during a previous quarter in individual performance overviews and presents it divided by underlying issuer and key cover pool data, as well by the rated series. Moody’s has been publishing individual performance overviews for Spanish multi-cédulas since January 2009.

Publication of the multi-cédulas summary spreadsheet follows that of the rating agency’s Q2 2011 monitoring overview of European single issuer programmes on Friday.