Governments stand behind covered bonds
Although paralysed by the meltdown in European bank stocks on Monday, the covered bond market has taken heart from pledges of support for the product from governments and other major stakeholders. US, UK and Irish covered bonds have all been boosted, although the Hypo Real Estate rescue resulted in negative rating actions on some of its Pfandbriefe. Read this week’s EuroWeek for an analysis of where the asset class stands after the most turbulent week in Europe yet.
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