ECBC’s divisive Label initiative goes ahead

The European Covered Bond Council’s proposed Label Initiative, a quality stamp for the asset class, is still dividing opinion even as it starts to get off the ground. Bankers attending the ECBC’s plenary session in London on Thursday said that some issuers saw no benefit to the initiative and were refusing to absorb any costs associated with it. The project is nonetheless expected to go ahead, with arranging banks expected to bear the moderate costs.