Demand for ESNs likely, but supply in doubt

PA image eu flag in front of Commission
By Bill Thornhill
08 Nov 2018

A feasibility study on prospective issuance of European Secured Notes (ESN) — a dual recourse structure that works like a covered bond — suggests good potential for demand but limited scope for supply. Even so, setting up a legislative framework is probably a good idea as circumstances may change, the study has concluded.

The European Commission’s feasibility study was produced by Richard Kemmish, a former head of covered bond origination at Credit Suisse, who is now a consultant offering covered bond advisory and structuring. The study was designed to consider whether an ESN legislative proposal should be drawn up. 

The study ...

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