ECB’s Schiavi happy after CBPP, fears ‘product fog’

The covered bond market is standing on its own two feet after the end of the European Central Bank’s purchase programme, Roberto Schiavi, head of investment division, directorate general market operations at the ECB, told delegates at the ECBC/Euromoney covered bond conference last week. However, he said that he feared a blurring of what counts as a covered bond, an issue also addressed by the ECB in a report yesterday (Wednesday).