Help! Covered bond market cries out for Volcker certainty
Dire predictions of the implications for covered bonds of imminent US legislation may have been overblown, bankers and lawyers have told EuroWeek. They said that the proposed Volcker Rule may not hit covered bond structures that use SPVs, as industry bodies fear.
But in the absence of any certainty, there is utter confusion in the industry. The UK Regulated Covered Bond Council (RCBC) and the American Securitization Forum (ASF) have warned of possible unintended consequences of the Volcker Rule, which is set to come into law on July 21 as
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