Cross-border recognition of assets is key to pan-Baltic covered bond success

By Bill Thornhill
19 Feb 2019

Covered bonds offer a way for Baltic banks to develop a new seam of long-term standalone wholesale funding. But a successful conclusion to this project will depend on whether investors are convinced there is an effective mechanism for cross-border recognition of assets.

Lithuania, Latvia and Estonia have all joined forces to develop covered bond frameworks. 

Together the three can just about muster enough mortgage assets to make benchmark issuance feasible, but apart they are too small to reach the critical mass required to set up a covered bond programme, let alone ...

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