Australia covered bond market unlikely to develop beyond big four
Despite legislator attempts to widen the market, the appeal of RMBS means that there is unlikely to be demand for covered bonds beyond those from the big four banks, says Westpac.
Suncorp’s covered bond deal in May looked set to open the market for smaller banks and corporations but the weakest link factor combined with the relative appeal of residential mortgage-backed securities (RMBS) means that this is unlikely to take place, according to Westpac.
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