Will floodgates open when the crisis ends?

Tight pricing, liquidity, security — the covered bond has never had a problem convincing the market of its benefits. But in the post-crisis capital market these virtues are even more important. With the capitulation of securitisation, and RMBS in particular, and higher costs in the senior unsecured market, a rush of new issuers is expected, as long as the bitter disagreements over market-making can be resolved.