The deal represents the revival of a Ñ50 billion deal which was cancelled in February this year in the face of deteriorating credit conditions globally. The dealÆs covered bond structure provides an alternative for investors to the residential mortgage backed securitisation RMBS market, which has suffered globally in the wake of the credit crunch.
Covered bonds are ultra-safe instruments that are usually backed by loans to government-backed entities or by prime mortgage assets. They have suffered much...
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