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The Danish Covered Bonds Roundtable 2009

The Danish economy, housing and covered bond markets have not escaped the financial crisis unscathed. However, the idiosyncrasies of the country’s economy and housing finance system have meant that their experiences of the turmoil have been unique, and at times been less difficult than for markets elsewhere. The country’s first bank support package differed greatly from those that followed across Europe, while the balance principle of the Danish covered bond market has had implications for the primary and secondary markets as well as credit quality. In this roundtable discussion, sponsored by Danske Bank and Nykredit, leading market participants discuss how the Danish covered bond market has coped with the volatility and what the future holds. Issuers and analysts, as well as representatives of the central bank and rating agencies, examine how successful the two government bank support packages have been, how the rating agencies view the Danish product under their revised methodologies, and the ability of house prices, particularly in Copenhagen to withstand the economic slowdown.

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