Covered bond regime will mop-up mortgages

Rachel Evans | NEWS ANALYSIS - March 12, 2008

As investors shun asset-backed securitisation, banks are using unwanted mortgages as security for covered bonds. And thanks to a new regime introduced in the UK last week, banks could find these instruments attract even more investors.

The new legislation, which became law on March 6, brings UK covered bonds under the European Ucits (Undertaking for Collective Investment in Transferable Securities) Directive, widening...




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