Vdp breaks away with market-making push

The Association of German Pfandbrief Banks (vdp) has told banks that it expects them to resume inter-dealer market-making on 1 September, quoting prices for tickets with a minimum size of Eu15m at triple normal bid/offer spreads for jumbos of two years or longer, irrespective of spread level. The move represents a break from common standards with the European Covered Bond Council and runs counter to many of the arguments against fixed market-making standards that have been made in the past year.