WaMu covered bonds being taken on by JPM
Investors in Washington Mutual covered bonds looked set to enjoy a happy ending to the worries they have faced while the bank and its securities were being downgraded, with it appearing increasingly certain today (Friday) that JP Morgan has assumed them as part of its takeover of the assets and certain liabilities of the failed US bank. The move could also boost the prospects of covered bonds in the US and elsewhere, demonstrating their resilience to a bank failure.
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