Germany

Since HBOS blazed the trail in 2003, the structured covered bond has spread to other jurisdictions, including Germany, where Landesbank Berlin is attempting to launch the first non-Pfandbrief German covered bond. But is this development good for the long term health of the market? Philip Moore reports.

Is including mortgage backed securities (MBS) in covered bond pools an important step forward for the covered bond market, or a further erosion of the quality of the product and of the clarity of the legal framework governing its issuance? Philip Moore reports.