Sakrileg! German banks turn to structured covereds
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Covered Bonds

Sakrileg! German banks turn to structured covereds

Bail-in fears and the imminent loss of the last part of the senior unsecured market still open to German mortgage banks have driven them to the brink of issuing a once-unthinkable form of debt — structured covered bonds. The idea could work given better asset liability matching will lower refinancing risk and given that the collateral will be 100% German.

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