The subject of SME loan-backed covered bonds continues to provoke a sharp division of opinion within the industry. And it was a lively topic at the annual covered bond investor conference, held on Thursday in Frankfurt.
Although it has been nearly three months since Commerzbank issued the first SME-backed covered bond, the covered bond community remains deeply divided over the merits of the asset class.
Speaking in a panel discussion entitled Where Are The Landmines
, Richard Kemmish, head of covered bond origination at Credit