How to screw a market in one easy step

摘要

Frankfurt on a cold rainy day in late January may not sound like the most compelling proposition but IFR's Covered Bond conference, held annually in that fine city, was a particularly hot ticket this year. IFR's Covered Bond event has been going for nine years now and so has covered pre-crisis and post-crisis periods; new-issue feast and famine; secondary squeezes; and pretty much everything in-between. A host of new jurisdictions has emerged - Singapore up next with Poland, Romania and Turkey all looking promising - while others have retreated. New issuers have come - €8bn in prints under 10 new covered bond programmes in euros in 2014 - while others have gone (some rather more ignominiously than others).