Clifford Chance in December advised mortgage bank HBOS on
the UK's first covered bond programme backed by social housing
The £3 billion ($5.61 billion) programme breaks new
ground in the social housing finance sector, which has been
conservative in its approach in the past. There has never been
a default by a UK housing association, and any financial
problems that do appear tend to be management problems rather
than asset quality. The asset quality is deemed high...