NIBC tries to bridge the great ABS-covered bond divide with pass-through

The worlds of securitisation and covered bonds are colliding as issuers and investors wrestle with rating volatility. With Commerzbank preparing its ground-breaking SME structured covered bond, which relies on a pass-through structure traditionally used in securitisations, NIBC is looking at a new covered bond programme that would feature a similar structure, writes Bill Thornhill.