Cariparma debut revitalises covered bond market

A covered bond from Cassa di Risparmio di Parma e Piacenza (Cariparma) on Wednesday marked a shift in the European Central Bank’s pursuit of its purchasing programme of covered bonds. With bankers fretting that the eurosystem was killing the market, the official money showed up late and in smaller size meaning private investors had more of a look in than they have been used to, writes Bill Thornhill.