EBA thumbs-up to covered bonds

摘要

The covered bond community tends to be a conservative one. Typified by the good burghers of Germany, they like their product traditional and view innovation in the form of new cover assets or new structures with suspicion - as a result, they've always been rather dismissive of their dastardly newfangled cousin securitisation. For reasons you can kind of understand, they're highly protective of their various covered bond laws and don't like the notion of lookalikes or structured covered bonds - witness the labelling initiative - for fear these will pollute the sanctity of the core product and undermine its unblemished reputation.