BlackRock’s Friedberg delivers damning verdict on liquidity of 144A deals
Joshua Friedberg, director and portfolio manager at BlackRock, painted a bleak picture of the future for covered bonds in the US yesterday (Monday) at the II Covered Bond Summit in New York. He said that rather than behave as a rates product as they had been marketed to US investors, covered bonds had suffered from illiquidity in the recent market turmoil and should pay a liquidity premium that might make 144A issuance prohibitively expensive for European issuers.
Unlock this article.
The content you are trying to view is exclusive to our subscribers.
To unlock this article:
- ✔ 4,000 annual insights
- ✔ 700+ notes and long-form analyses
- ✔ 4 capital markets databases
- ✔ Daily newsletters across markets and asset classes
- ✔ 2 weekly podcasts