ECBC Releases 2008 Covered Bond Fact Book

The European Covered Bond Council has released its 2008 Fact book:

The Fact Book presents five articles on key issues in Chapter I with a focus on developments in primary and secondary markets during the recent financial turmoil:

  • Assessing the state of play in secondary markets;
  • Analysing the role of Covered Bonds as a funding tool;
  • The investor’s perspective;
  • Investigating general law framework (structured) Covered Bonds; and
  • Looking at pooling models.

The second Chapter explains more about covered bonds and their main features and includes articles comparing Covered Bonds with RMBS as well as how the Capital Requirements Directive relates to Covered Bonds.

In the third Chapter, detailed explanations are presented on the legislation and markets for covered bonds for 29 countries, including seven countries added since the last edition of the Fact Book.

Chapter IV gives the rating agencies the opportunity to present their Covered Bond methodologies as well as providing a brief comparison of their different approaches.

In Chapter V, a description of trends in the covered market as well as a complete set of covered bond statistics are presented.

Can’t say I’ve read it thoroughly – there have been other things to observe today – but the last handbook, mentioned in the PrefBlog Covered Bond Primer was most informative.

2 Responses to “ECBC Releases 2008 Covered Bond Fact Book”

  1. DaveJ says:

    I have a question about buying back preferred shares. A company has sold non-cumulative perpetual preferred shares at say 7% yield and $20 par value with an option on the company’s part to redeem them at say $25 after 5 years. The shares are now trading as 1/2 par ($10 and 14% yield). Can the company just announce a buy-back and buy these back on the open market as they would for common shares? Or do they have to redeem that at the agreed upon price of $25? Thanks.

  2. […] an unrelated thread, Assiduous Reader DaveJ asks: I have a question about buying back preferred shares. A company has […]

Leave a Reply

You must be logged in to post a comment.