Covered bonds seek world domination

2006 was a remarkable year for covered bonds, continuing the upswing in the market's fortunes since the late 1990s. The most glittering achievement was the addition of the US to the roster of covered bond issuing countries; but Portugal and Sweden also joined the market and UK issuance continued to deepen. This year is unlikely to disappoint, with new issuers expected in the US, France and Italy.