Proposed US covered bond legislation promises better, cheaper structure
A commitment to hearings on covered bonds from Barney Frank, chairman of the House Financial Services Committee, two weeks ago promised the biggest breakthrough for the asset class in the US in 18 months, but the detail of the legislation proposed by congressman Scott Garrett that elicited Frank’s statement was of a similarly game-changing nature. The Cover spoke to market participants about what such legislation would mean for the development of covered bonds in the US.
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