Half full or half empty, CGD is ready for more

Portugal's covered bond market is always going to be one of Europe's smaller ones — but the country's issuers are determined that it should be seen as perfectly formed. Legislation took years to come to fruition, but since Caixa Geral de Depósitos began issuing in November, investors have been able to try out for themselves what the Portuguese say is a state-of-the-art framework.